Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players...
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Accounting
Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for portable game players are as follows:Apr. Inventory units @ $ Sale units Purchase units @ $ Sale units Sale units Purchase units @ $The business maintains a perpetual inventory system, costing by the lastin firstout 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 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.
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