Question

Question 1

Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 49 units @ $53 10 Sale 34 units 64 units @ $56 15 20 Purchase Sale 36 units 24 Sale 9 units 30 Purchase 22 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. 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 Game Players Cost of Cost of Quantity Merchandise Merchandise Sold Unit Cost Sold Total Cost Quantity Purchases Purchases Date Purchased Unit Cost Total Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Unit Cost Total Cost Apr. Apr. 30 Apr. Balance 30

Answer 1

Question 1 Schedule of Cost of Merchandise sold Lifo method Portable Game Players Purchases Cost of goods sold Date Inventory Quantity unit cost 49 $ total cost Quantity unit cost Total cost Quantity unit cost Total cost 53.00 $2,597.00 Apr-01 34 53.00 1,802.00 53.00 795.00 15 $ 10-Apr 53.00 795.00 56.00 $3,584.00 15-Apr 64 $ 56.00 $3,584.00 15 $ 64$ 36 56.00 2,016.00 15 $ 53.00 $ 795.00 20-Apr 56.00 $1,568.00 28 $ 24-Apr 9 56.00 $ 15 $ 53.00 $ 795.00 504.00 56.00 $1,064.00 19 $ 22 58.00 $1,276.00 15 $ 53.00 $ 795.00 30.Apr 56.00 $1,064 .00 58.00 $1,276.00 19 $ 22 $ $3,135.00 4,322.00

Schedule of Cost of Merchandise sold Lifo method Prepaid Cell phones Purchases Cost of goods sold Date Inventory Total cost total cost unit cost Total cost Quantity unit cost Quantity unit cost Quantity 2400 $ 29.00 $69,600.00 Мay-01 1200 $31.00 $37,200.0o 2400 $ $69,600.00 31.00 $37,200.00 10-May 29.00 1200 $ 29.00 $55,680.00 1200 $31.00 1920 $ 12-May 37,200.00 480 29.00 13,920.00 1440 $29.00 41,760.00 29.00 $13,920.00 14-May 480 $ 480 $ 1080 33.00 $35,640.00 29.00 $13,920.00 35,640.00 20-Мay 1080 $ 33.00 29.00 $13,920.00 33.00 $11,880.00 May-31 720 33.00 480 $ 23,760.00 360 $ $116,640.00 $25,800.00

Schedule of Cost of Merchandise sold FIfo method Prepaid Cell phones Purchases Cost of goods sold Date Inventory Total cost total cost unit cost Total cost Quantity unit cost 3700 $ Quantity Quantity unit cost 31.00 $114,700.00 May-01 1850 33.00 $61,050.0o 3700 $ $114,700.00 10-May 31.00 33.00 1850 $ 61,050.00 2590 31.00 1110 $ 12-May 80,290.00 31.00 34,410.00 1850 $ 33.00 61,050.00 1110 31.00 740 $ 24, 420 .00 14-May 34,410.00 33.00 1110 33.00 36,630.00 1665 35.00 $58,275.00 740 $ 20-May 33.00 24,420.00 1665 $ 35.00 $58,275.00 1295 $ 740 33.00 $45,325.00 May-31 24,420.00 35.00 370 $35.00 12,950.00 $188,700.00 45,325.00