Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 73 units at $99 10 Sale 48 units 15 Purchase 93 units at $105 20 Sale 53 units 24 Sale 13 units 30 Purchase 27 units at $111 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold 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 DVD Players

Maria's family drove 140 mi to her grandparents' house and averaged 56 mi/h on the way thereon the return trip, they averaged 50 mi/hwhat was the total time maria's family spent driving to and from her grandparents' house? o2.5 ho 2.6 ho5.2 ho 53 hnext

Which of the following is/are required to be in writing under the ucc's statute of frauds? a. a $10,000 oral contract dealing with specially manufactured goods. b. a $550 oral contract dealing with unique goods. c. a $100,000 oral contract involving the lease of goods where the defendant admits the existence of the contract in court. d. a $12,000 oral contract where the seller ships the goods and the buyer takes possession of half of the goods. e. all of the above.

Example1 lcnrv: ted company uses the lower of cost or nrv method in valuing its inventory items. the inventory at december 31, 2017, consists of products a, b and c, each having 1,000 units. relevant unit data for these products appear below: item a item b item c cost $ 80 $80 $80 estimated selling price 180 100 90 estimated selling cost 30 30 30 required: using the lower of cost or net realizable value rule, determine the proper value of inventory for balance sheet reporting purposes at december 31, 2017. prepare any necessary journal entry. apply the lower of cost or nrv method: • on an individual inventory basis; • on a group basis; • on a total inventory basis. solution worksheet: inventory (on an individual basis): inventory value item nrv cost lc- item a item b item c total inventory (on a group basis): inventory value item nrv cost lc- group 1 (item a and b) group 2 (item c) total inventory (on an aggregate inventory basis): inventory value item nrv cost lc- total inv