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.

Not shown Collums next to quanity.

labeled unit cost & total cost

2. determine total sales, the total cost of merchandise sold, and the gross profit from sales

3. determine the ending inventory cost

\begin{tabular}{|l|l|l|l|l|l|l|l|} \hline May 10 & & & & & & & \\ \hline May 19 & & & & & & \\ \hline \end{tabular} 1. Record the inventery, 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 LFO, 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 LOWver unit cost first in the Inventory Unit Cost column. 1. Record the inventery, 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 LFO, 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 LOWver unit cost first in the Inventory Unit Cost column. 3. Determine the ending inventory cost on June 30. \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline May 10 & & & & & & & \\ \hline May 19 & & & & & & \\ \hline \end{tabular} 3. Determine the ending inventory cost on June 30. Weighted Average Cost Method with Perpetual Inventory The beginning imventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 , are as follows