Solve using LIFO method

Purchases Unit Cost Total Cont Cost of Goods Sold Unit Total Quantity Cost Cost Inventory Unit Cost $1,200 $ Quantity Total Cost 30.000 Quantity 25 Date Apr. 3 8 11 May 8 19 28 30 3 4 25 26 27 10 28 29 30 31 32 33 34 35 June 5 36 37 16 38 39 21 40 41 42 28 43 44 30 45 46 47 2 48 49 50 51 52 53 54 3. 55 56 Balances Total sales Total cost of goods sold Gross profit Ending inventory cost Date Transaction Number of Units Per Unit Total Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 $75.00 $ 562,500 85.00 1,912,500 150.00 1,687,500 150.00 562,500 150.00 225,000 87.50 4,725,000 160.00 4,320,000 160.00 4,080,000 89.50 4,027,500 160.00 4,800,000 90.00 675,000 160.00 4,200,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account 3. Determine the gross profit from sales for the period. An Check Figure: $8,983,125 4. Determine the ending inventory cost as of March 31 3. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower