4 e beginning inventory of merchandise at West Co. and data on purchases and sales for a three-month riod ending April 30 are as follows: 5 6 7 8 9 10 11 12 Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the first- first-out method. Date Transaction # of Units Per Unit Total Feb. 4 Inventory 35 $1,100 $38,500 9 Purchase 85 $1,120 $95,200 12 Sale 30 $1,500 $45,000 28 Sale 30 $1,500 $45,000 Mar. 7 Purchase 50 $1,140 $57,000 9 Sale 40 $1,750 $70,000 18 Sale 30 $1,750 $52,500 27 Purchase 90 $1,160 $104,400 Apr. 4 Sale 50 $1,750 $87,500 15 Sale 35 $1,750 $61,250 22 Purchase 25 $1,180 $29,500 29 Sale 54 $1,750 $94,500 13 14 15 16 17 18 19 20 21 f all sales are on account, determine the total sales and the total cost of merchandise sold for the period. urnalize the entries in the sales and cost of merchandise sold accounts. 22 23 Determine the gross profit from sales for the period. 24 25 Determine the ending inventory cost on April 30. 26 27 Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or ver? 28 29 Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the last- first-out method. 30 31 Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 32 33 Determine the ending inventory cost on April 30. 34 35 36 eck Figure: The difference in total ending COMS between FIFO and LIFO is $1,280. 37 Purchases Un Coul Cost of Man Sul To Gwy Cast Total Cool Oy Date Feb ES 51.120 S5.200 Um Query Cool 51.100 31.100 11 120 $1,900 2011 500 Total CER 5 530 1.500 15200 $ 3.50 45.000 93 12 6100 24 55 51.500 2.500 25 $4.500 S 500 Nar 10 57.140 37.00 51600 20 SITIO 151 103 12.00 $150 $ 57 000 10 16 23 20 27 Apr 20 21 23 22 26 10 30 Balances 11 3 JOURNAL Description Gross proferre period Endng narary cost Inventory UFO Purchase UNR Total Cast Cool Contef Murske Sold Tortar verder Date Cas Cool To Cest Feb 4 12 21 Mar. T 28 TE 23 TE 27 Apr. 00 61 02 63 34 Purchases Unit Cost Total Cost Cost of Merchandise Sold Unit Total Quantity Cost Cost Inventory Unit Cost Quantity Total Cost Date Quantity Feb. 4 85 9 BE 07 12 6 GO 28 70 71 Mar. 7 72 Y3 9 75 70 77 18 78 79 27 0 81 02 Apr. 4 83 06 B5 15 BB AT 88 22 30 29 03 34 05 30 Balances 361 197 ON 30 100 101 Total sales Total cost of merchandise sold Gross profit 102 103 106 105 100 107 Ending inventory cost 108