Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   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   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000   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 last-in, first-out method. 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. Round unit cost to two decimal places, if necessary. Midnight SuppliesSchedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended March 31   Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1               $ $ Jan. 10   $ $                   Jan. 28         $ $             Jan. 30                         Feb. 5                         Feb. 10                               Feb. 16                               Feb. 28                               Mar. 5                                     Mar. 14                                     Mar. 25                                           Mar. 30                                                       Mar. 31 Balances         $     $ 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.$

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Chapter1: Financial Statements And Business Decisions
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LIFO Perpetual Inventory

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:

Date   Transaction Number
of Units
Per Unit Total
Jan. 1   Inventory 7,500   $75.00   $562,500  
10   Purchase 22,500   85.00   1,912,500  
28   Sale 11,250   150.00   1,687,500  
30   Sale 3,750   150.00   562,500  
Feb. 5   Sale 1,500   150.00   225,000  
10   Purchase 54,000   87.50   4,725,000  
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   4,027,500  
14   Sale 30,000   160.00   4,800,000  
25   Purchase 7,500   90.00   675,000  
30   Sale 26,250   160.00   4,200,000  

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 last-in, first-out method. 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. Round unit cost to two decimal places, if necessary.

Midnight Supplies
Schedule of Cost of Goods Sold
LIFO Method
For the Three Months Ended March 31
  Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1               $ $
Jan. 10   $ $            
     
Jan. 28         $ $      
     
Jan. 30                  
     
Feb. 5                  
     
Feb. 10                  
     
     
Feb. 16                  
     
     
Feb. 28                  
     
     
Mar. 5                  
     
     
     
Mar. 14                  
     
     
     
Mar. 25                  
     
     
     
     
Mar. 30                  
           
           
           
Mar. 31 Balances         $     $

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.
$

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