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:
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.
Schedule of Cost of Goods Sold
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|
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
|Total cost of goods sold||$|
3. Determine the ending inventory cost as of March 31.
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.
Determine the total sales, the total cost of goods sold,...
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