Perpetual Inventory Using FIFO Beginning inventory, purchases, a

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1   Inventory 64 units @ $95 6   Sale 52 units 14   Purchase 38 units @ $101 19   Sale 21 units 25   Sale 21 units 30   Purchase 35 units @ $108 The business maintains a perpetual inventory system, costing by the first-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 in Exhibit 3.   Hide     a.  Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date   Quantity Purchased   Purchases Unit Cost   Purchases Total Cost   Quantity Sold   Cost of Merchandise Sold Unit Cost   Cost of Merchandise Sold Total Cost   Inventory Quantity   Inventory Unit Cost   Inventory Total Cost June 1                           64   $ 95   $ 6,080 June 6               [removed]   $ [removed]   $ [removed]   [removed]   [removed]   [removed] June 14   [removed]   $ [removed]   $ [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 19               [removed]   [removed]   [removed]   [removed]   [removed]   [removed]                 [removed]   [removed]   [removed]             June 25               [removed]   [removed]   [removed]   [removed]   [removed]   [removed] June 30   [removed]   [removed]   [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 30   Balances                   $ [removed]           $ [removed]     Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1   Inventory 43 units @ $53 6   Sale 33 units 14   Purchase 58 units @ $55 19   Sale 32 units 25   Sale 9 units 30   Purchase 33 units @ $58 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.   Hide     Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable DVD Players Date   Quantity Purchased   Purchases Unit Cost   Purchases Total Cost   Quantity Sold   Cost of Merchandise Sold Unit Cost   Cost of Merchandise Sold Total Cost   Inventory Quantity   Inventory Unit Cost   Inventory Total Cost June 1                           43   $ 53   $ 2,279 June 6               [removed]   $ [removed]   $ [removed]   [removed]   [removed]   [removed] June 14   [removed]   $ [removed]   $ [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 19               [removed]   [removed]   [removed]   [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 25               [removed]   [removed]   [removed]   [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 30   [removed]   [removed]   [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] June 30   Balance                   $ [removed]           $ [removed]           Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory   Purchases   Sales   July 1 3,600 units at $30 July 10 1,800 units at $32 July 12 2,520 units     July 20 1,620 units at $34 July 14 2,160 units         July 31 1,080 units   Hide     a.  Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date   Quantity Purchased   Purchases Unit Cost   Purchases Total Cost   Quantity Sold   Cost of Merchandise Sold Unit Cost   Cost of Merchandise Sold Total Cost   Inventory Quantity   Inventory Unit Cost   Inventory Total Cost July 1                           3,600   $ 30   $ 108,000 July 10   [removed]   $ [removed]   $ [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] July 12               [removed]   $ [removed]   $ [removed]   [removed]   [removed]   [removed]                 [removed]   [removed]   [removed]             July 14               [removed]   [removed]   [removed]   [removed]   [removed]   [removed] July 20   [removed]   [removed]   [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] July 31               [removed]   [removed]   [removed]   [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] July 31   Balances                   $ [removed]           $ [removed]         Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: Inventory   Purchases   Sales   August 1 2,100 units at $39 August 10 1,050 units at $41 August 12 1,470 units     August 20 945 units at $43 August 14 1,260 units         August 31 630 units   Hide     Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date   Purchases Quantity   Purchases Unit Cost   Purchases Total Cost   Cost of Merchandise Sold Quantity   Cost of Merchandise Sold Unit Cost   Cost of Merchandise Sold Total Cost   Inventory Quantity   Inventory Unit Cost   Inventory Total Cost Aug. 1                           2,100   $ 39   $ 81,900 Aug. 10   [removed]   $ [removed]   $ [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] Aug.12               [removed]   $ [removed]   $ [removed]   [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] Aug. 14               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed]   [removed]   [removed]   [removed] Aug. 20   [removed]   [removed]   [removed]               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed] Aug. 31               [removed]   [removed]   [removed]                             [removed]   [removed]   [removed]   [removed]   [removed]   [removed] Aug. 31   Balances                   $ [removed]           $ [removed]         FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 21 units @ $41 Sale 13 units @ $66 First purchase 22 units @ $43 Sale 21 units @ $68 Second purchase 24 units @ $44 Sale 11 units @ $70 The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. a.  What is the total cost of the ending inventory according to FIFO? $[removed] b.  What is the total cost of the ending inventory according to LIFO? $[removed]

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