Reference no: EM132679076

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for DVD players are as follows:

November 1

Inventory 61 units at $4110

Sale 45 units 15

Purchase 77 units at $4320

Sale 45 units24

Sale 13 units30

Purchase 33 units at $45

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.