Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $37 May 10 1,550 units at $39 May 12 2,170 units 20 1,395...

Extracted text: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $37 May 10 1,550 units at $39 May 12 2,170 units 20 1,395 units at $41 14 1,860 units 31 930 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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 Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Purchases Purchases Quantity Inventory Inventory Inventory Quantity Unit Cost Total Cost Unit Cost Total Cost Sold Quantity Unit Cost Total Cost Date Purchased May 1 $ May 10 Маy 12 May 14 May 20


Extracted text: May 31 May 31 Balances