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exercise world began October with merchandise inventory of 95 crates of vitamins that cost a...

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Accounting

exercise world began October with merchandise inventory of 95 crates of vitamins that cost a total of $3800 during the month exercise world purchased and sold merchandise on account as follows
October 5 purchase 155 crates at $71 each
October 13 sale 180 crates at $96 each
October 18 purchase 193 crates at $75 each
October 26 sale 200 crates at $102 each
Prepare a perpetual inventory record using the LIFO inventory costing meth it and determine the companies cost of goods sold ending merchandise inventory and gross profit.
begin by computing the cost of good sold and cost of ending merchandise inventory using the LIFO inventory costing method enter the transactions in chronological order calculating new inventory on hand balances after each transaction once all the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the.

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