Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for DVD players are as follows:
45 units at $94
35 units
57 units at $98
32 units
8 units
30 Purchase
35 units at $102
The business maintains a perpetual inventory system, costing by the last-in, first-out method.
Determine the cost of goods 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
Nov. 1 Inventory
10 Sale
15 Purchase
20 Sale
24 Sale