Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,400 units at $29 May 10 1,700 units at $31 May 12 2,380 units 20 1,530 units at $33 14 2,040 units 31 1,020 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 fill in the blank cad21809afebf98_1 $fill in the blank cad21809afebf98_2 $fill in the blank cad21809afebf98_3 May 10 fill in the blank cad21809afebf98_4 $fill in the blank cad21809afebf98_5 $fill in the blank cad21809afebf98_6 fill in the blank cad21809afebf98_7 fill in the blank cad21809afebf98_8 fill in the blank cad21809afebf98_9 fill in the blank cad21809afebf98_10 fill in the blank cad21809afebf98_11 fill in the blank cad21809afebf98_12 May 12 fill in the blank cad21809afebf98_13 $fill in the blank cad21809afebf98_14 $fill in the blank cad21809afebf98_15 fill in the blank cad21809afebf98_16 fill in the blank cad21809afebf98_17 fill in the blank cad21809afebf98_18 fill in the blank cad21809afebf98_19 fill in the blank cad21809afebf98_20 fill in the blank cad21809afebf98_21 May 14 fill in the blank cad21809afeb

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,400 units at $29 May 10 1,700 units at $31 May 12 2,380 units 20 1,530 units at $33 14 2,040 units 31 1,020 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 fill in the blank cad21809afebf98_1 $fill in the blank cad21809afebf98_2 $fill in the blank cad21809afebf98_3 May 10 fill in the blank cad21809afebf98_4 $fill in the blank cad21809afebf98_5 $fill in the blank cad21809afebf98_6 fill in the blank cad21809afebf98_7 fill in the blank cad21809afebf98_8 fill in the blank cad21809afebf98_9 fill in the blank cad21809afebf98_10 fill in the blank cad21809afebf98_11 fill in the blank cad21809afebf98_12 May 12 fill in the blank cad21809afebf98_13 $fill in the blank cad21809afebf98_14 $fill in the blank cad21809afebf98_15 fill in the blank cad21809afebf98_16 fill in the blank cad21809afebf98_17 fill in the blank cad21809afebf98_18 fill in the blank cad21809afebf98_19 fill in the blank cad21809afebf98_20 fill in the blank cad21809afebf98_21 May 14 fill in the blank cad21809afeb

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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Question Content Area

a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell Phones

Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
May 1							fill in the blank cad21809afebf98_1	$fill in the blank cad21809afebf98_2	$fill in the blank cad21809afebf98_3
May 10	fill in the blank cad21809afebf98_4	$fill in the blank cad21809afebf98_5	$fill in the blank cad21809afebf98_6				fill in the blank cad21809afebf98_7	fill in the blank cad21809afebf98_8	fill in the blank cad21809afebf98_9
							fill in the blank cad21809afebf98_10	fill in the blank cad21809afebf98_11	fill in the blank cad21809afebf98_12
May 12				fill in the blank cad21809afebf98_13	$fill in the blank cad21809afebf98_14	$fill in the blank cad21809afebf98_15	fill in the blank cad21809afebf98_16	fill in the blank cad21809afebf98_17	fill in the blank cad21809afebf98_18
				fill in the blank cad21809afebf98_19	fill in the blank cad21809afebf98_20	fill in the blank cad21809afebf98_21
May 14				fill in the blank cad21809afebf98_22	fill in the blank cad21809afebf98_23	fill in the blank cad21809afebf98_24	fill in the blank cad21809afebf98_25	fill in the blank cad21809afebf98_26	fill in the blank cad21809afebf98_27
May 20	fill in the blank cad21809afebf98_28	fill in the blank cad21809afebf98_29	fill in the blank cad21809afebf98_30				fill in the blank cad21809afebf98_31	fill in the blank cad21809afebf98_32	fill in the blank cad21809afebf98_33
							fill in the blank cad21809afebf98_34	fill in the blank cad21809afebf98_35	fill in the blank cad21809afebf98_36
May 31				fill in the blank cad21809afebf98_37	fill in the blank cad21809afebf98_38	fill in the blank cad21809afebf98_39	fill in the blank cad21809afebf98_40	fill in the blank cad21809afebf98_41	fill in the blank cad21809afebf98_42
							fill in the blank cad21809afebf98_43	fill in the blank cad21809afebf98_44	fill in the blank cad21809afebf98_45
May 31	Balances					$fill in the blank cad21809afebf98_46

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Inventory		Purchases		Sales
May 1	3,400 units at $29	May 10	1,700 units at $31	May 12	2,380 units
		20	1,530 units at $33	14	2,040 units
				31	1,020 units