# Show Me HowCalculatorPrint ItemLIFO Perpetual InventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 \$75.00 \$562,500 10 Purchase22,500 85.00 1,912,500 28 Sale11,250 150.00 1,687,500 30 Sale3,750 150.00 562,500 Feb. 5 Sale1,500 150.00 225,000 10 Purchase54,000 87.50 4,725,000 16 Sale27,000 160.00 4,320,000 28 Sale25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 14 Sale30,000 160.00 4,800,000 25 Purchase7,500 90.00 675,000 30 Sale26,250 160.00 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 PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1       \$\$Jan. 10 \$\$         Jan. 28    \$\$      Jan. 30            Feb. 5            Feb. 10               Feb. 16               Feb. 28               Mar. 5                  Mar. 14                  Mar. 25                     Mar. 30                           Mar. 31Balances    \$  \$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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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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Step 1

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.

Step 2

2.

Determine the total sales, the total cost of goods sold,...

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