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Question - Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
June 1
Inventory
61 units @ $53
6
Sale
42 units
14
Purchase
73 units @ $56
19
40 units
25
12 units
30
38 units @ $59
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated below. Enter all amounts as positive numbers.
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