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a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine...

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Accounting

a. Assuming that the perpetual inventory system is used, costing by the LIFO 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 first in the Inventory Unit Cost column.
Schedule of Cost of Goods Sold
LIFO Method
Prepaid Cell Phones
Cost of Cost of
Date
Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory
Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost
Dec. 1
Dec. 10
Dec. 12
Jec. 14
ec.20
ec.31
2
2
+
+2
+2
c.31 Balances
image

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