7 Date Total 8 Feb. 9 10 12 Mar. 13 Transaction # of Units 4 Inventory 35 9 Purchase 85 12 Sale 30 28 Sale 30 7 Purchase 50 9 Sale 40 18 Sale 30 27 Purchase 90 4 Sale 50 15 Sale 35 22 Purchase 25 29 Sale 54 Per Unit $1,100 $1,120 $1,500 $1,500 $1,140 $1,750 $1,750 $1,160 $1,750 $1,750 $1,180 $1,750 $38,500 $95,200 $45,000 $45,000 $57,000 $70,000 $52,500 $104,400 $87,500 $61,250 $29,500 $94,500 15 16 Apr. 17 18 19 20 21 If 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 Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or 27 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 81 02 03 Purchases Unit Cost Total Cost Cost of Merchandise Sold Unit Total Quantity Cost Cost Inventory Unit Cost Total Cost Date Quantity Quantity 04 Feb 4 G5 9 06 07 12 68 28 70 71 Mar. 7 72 ya 74 9 Y5 76 77 18 78 73 27 00 81 82 Apr. 4 13 -34 35 15 85 B7 22 90 01 92 29 93 04 05 30 Balances 97 38 90 TOD Total sales Total cost of merchandise sold Gross profit 101 102 103 104 105 305 107 10 ins Ending inventory cost