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.