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Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory69 units at $4910 Sale 50 units
15 Purchase91 units at $5120 Sale51 units
24 Sale15 units30 Purchase27 units at $54
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Problem 1: Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated.
Problem 2: 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.
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