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Perpetual Inventory Using LIFO, Beginning inventory, purchases, and sales data for DVD players are as follows:
November 1 Inventory69 units at $4910
Sale50 units15 Purchase91 units at $5120
Sale51 units24 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
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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