Perpetual Inventory Using LIFO Beginning inventory purchases

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows November nventory 0 Sale 15 Purchase 20 Sae 24 Sale 30 Purchase 35 units at $99 28 units 46 units at $105 25 units 8 units 20 units at $109 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4 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 colun Schedule of Cost of Goods Sold LIFO Methord Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quanty Sold Cost of Goods Sols Unit Cost Cost o Goods Sold Total Cost Inventory Quancity Inventory Unit Cot Nov. 1 Nov. 10 Nov 15 2,72 105V Nov. 20 15 05 2625 21 1365 Nov 302 2,180 1365 180 | 1801 x Nov. 30 Balances

Solution

You have not added the three value of the ending inventory. You have considered only the last value.

The ending inventory will be 40 units valued $4,238.00

Units Per unit Total

7 99 693

13 105 1,365

20 109 2,180

Total 40 4,238