Beginning inventory, purchases, and sales data for cell phones for July are as follows:
|
Inventory |
|
Purchases |
|
Sales |
|
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|
July 1 |
100 units at $30 |
July |
3 |
80 units at $32 |
July 7 |
72 units |
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|
|
|
|
21 |
60 units at $33 |
13 |
80 units |
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|
|
|
|
|
|
31 |
32 units |
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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.