Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec

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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 4,000 units at $25 Dec. 10 Dec. 12 2,800 units 2,000 units at $27 1,800 units at $29 Dec. 20 Dec. 14 2,400 units Dec. 31 1,200 units a. Assuming that the perpetual inventory system is used, costing by the uro method, determine the cost of goods sold for each sale and Inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two differe 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 C column Schedule di cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of 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 Date Dec. 1 Cost of Dec 10 Dec 12
Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Accounting numeric field Dec. 31 Balances Check My Work Previous