Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell
phones for December are as follows: Inventory Dec. 13,700 units at $33 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.
Perpetual Inventory Using LIFO Beginning inventory purchase.pdf
1. Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell
phones for December are as follows: Inventory Dec. 13,700 units at $33 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
