Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method

Assume that the business in Exercise 7-3 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.

Answer:


Portable DVD Players
Date
Purchases Cost of Merchandise Sold Inventory
Quantity
Unit
Cost
Total
Cost Quantity
Unit
Cost
Total
Cost Quantity
Unit
Cost
Total
Cost
Apr. 1 120 39 4,680
6 90 39 3,510 30 39 1,170
14 140 40 5,600 30
140
39
40
1,170
5,600
19 110 40 4,400 30
30
39
40
1,170
1,200
25 30
15
40
39
1,200
585
15 39 585
30 160 43 6,880 15
160
39
43
585
6,880
30 Balances 9,695