Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 47 units at $64 10 31 units 15 58 units at $67 20 32 units 24 9 units 30 Purchase 23 units at $71 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Inventory Nov. 30 Balances Sale Purchase Sale Sale Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Inventory Inventory Unit Cost Total Cost 000¯¯¯¯¯¯¯¯

Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 47 units at $64 10 31 units 15 58 units at $67 20 32 units 24 9 units 30 Purchase 23 units at $71 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Inventory Nov. 30 Balances Sale Purchase Sale Sale Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Inventory Inventory Unit Cost Total Cost 000¯¯¯¯¯¯¯¯

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Description: Beginning inventory, purchases, and sales data for DVD players are as follows:47 units at $6431 units58 units at $67DateNov. 1Nov. 10Nov. 15Nov. 20Nov. 24November 1Nov. 3032 units9 units23 units at $71The business maintains a perpetual inventory sys

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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