50.1K

Verified Solution

Link Copied!

LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month perlod ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory $75.00 $562,500 7,500 22,500 10 Purchase 85.00 28 Sale 11,250 150.00 30 Sale 3,750 150.00 1,912,500 1,687,500 562,500 225,000 4,725,000 Feb. 5 Sale 150.00 1,500 54,000 10 Purchase 87.50 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 Sale 30,000 160.00 4,027,500 4,800,000 675,000 4,200,000 25 Purchase 7,500 90.00 30 Sale 26,250 160.00 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the las 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 Inventor necessary Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31 Cost of Goods Sold Purchase Purtha Un Cant Total Coat Chat of Good Bold Unit can Quantity Total Cod Quently aan 10 an 30 Pe 10 Coot of Goods Sold un cost Total Cont Quantity Unit Cout Total Cost Inventary unit C Total IL DIT Module Homework Book Show Me How Pettem Mars Mar, 14 Balances Module 6 Homework ebook Show Me How Printem 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31

Answer & Explanation Solved by verified expert

See Answer