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LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...

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

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 $

$

Solutions

Expert Solution

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 7500 75 562500
Jan. 10 22500 85 1912500 7500 75 562500
22500 85 1912500
Jan. 28 11250 85 956250 7500 75 562500
11250 85 956250
Jan. 30 3750 85 318750 7500 75 562500
7500 85 637500
Feb. 5 1500 85 127500 7500 75 562500
6000 85 510000
Feb. 10 54000 87.5 4725000 7500 75 562500
6000 85 510000
54000 87.5 4725000
Feb. 16 27000 87.5 2362500 7500 75 562500
6000 85 510000
27000 87.5 2362500
Feb. 28 25500 87.5 2231250 7500 75 562500
6000 85 510000
1500 87.5 131250
Mar. 5 45000 89.5 4027500 7500 75 562500
6000 85 510000
1500 87.5 131250
45000 89.5 4027500
Mar. 14 30000 89.5 2685000 7500 75 562500
6000 85 510000
1500 87.5 131250
15000 89.5 1342500
Mar. 25 7500 90 675000 7500 75 562500
6000 85 510000
1500 87.5 131250
15000 89.5 1342500
7500 90 675000
Mar. 30 7500 90 675000 7500 75 562500
15000 89.5 1342500 3750 85 318750
1500 87.5 131250
2250 85 191250
Mar. 31 - BALANCES $ 11,021,250 11250 881,250

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