Solution-Determine the cost of the merchandise sold

Determine the cost of the merchandise sold

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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	Sale	40 units
25	Sale	12 units
30	Purchase	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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Determine the cost of the merchandise sold

Reference no: EM131812509

Reference no: EM131812509

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