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.
$
In: Accounting
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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