LIFO Perpetual Inventory The beginning inventory of merchandise at...

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LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Number Date Transaction Per Unit Total of Units March 3 Inventory 84 $600 $50,400 8 Purchase 168 720 120,960 11 Sale 113 2,000 226,000 30 Sale 71 2,000 142,000 April 8 Purchase 140 800 112,000 10 Sale 84 2,000 168,000 19 Sale 42 2,000 84,000 28 Purchase 140 880 123,200 May 5 Sale 84 2,100 176,400 16 Sale 112 2,100 235,200 21 Purchase 252 960 241,920 28 Sale 126 2,100 264,600 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 3 $ $ Mar. 8 $ $ Mar. 11 $ $ Mar. 30 Apr. 8 Apr. 10 Apr. 19 Apr. 28 May 5 May 16 May 21 May 28 May 31 Balances $ $ 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ Total cost of merchandise sold $ 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ Total cost of merchandise sold $ Gross profit from sales $ 3. Determine the ending inventory cost as of May 31, 2016. $

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