LIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 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. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31.
Financial & Managerial Accounting
Financial & Managerial Accounting
Solutions
LIFO perpetual inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.
Instructions
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.
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of March 31.
Expert Solution
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