Question
Accounting 27th edition: PR 7-2A LIFO Perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are
Accounting 27th edition: PR 7-2A LIFO Perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in problem 7-1A Instructions: 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. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. determine the ending inventory cost as of march 31.
This is the table from 7-1A where it was done using FIFO
| 1. | Date | Purchases | Cost of Merchandise Sold | Inventory | ||||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | ||
| Jan. 1 | 7,500 | $75.00 | $ 562,500 | |||||||
| 10 | 22,500 | $85.00 | $1,912,500 | 7,500 | $75.00 | $ 562,500 | ||||
| 22,500 | $85.00 | 1,912,500 | ||||||||
| 28 | 7,500 | $75.00 | $ 562,500 | |||||||
| 3,750 | $85.00 | $ 318,750 | 18,750 | $85.00 | $ 1,593,750 | |||||
| 30 | 3,750 | $85.00 | $ 318,750 | 15,000 | $85.00 | $ 1,275,000 | ||||
| Feb. 5 | 3,750 | $85.00 | $ 318,750 | 15,000 | $85.00 | $ 1,147,500 | ||||
| 10 | 54,000 | $87.50 | $4,725,000 | 13,500 | $85.00 | $ 1,147,500 | ||||
| 54,000 | $87.50 | 4,725,000 | ||||||||
| 16 | 27,000 | $160.00 | $ 4,320,000 | |||||||
| 27,000 | $160.00 | 4,320,000 | 40,500 | $87.50 | $ 3,543,750 | |||||
| 28 | 25,500 | $160.00 | $ 4,080,000 | 15,000 | $87.50 | $ 1,312,500 | ||||
| Mar. 5 | 45,000 | $89.50 | $4,027,500 | 15,000 | $87.50 | $ 1,312,500 | ||||
| 45,000 | $89.50 | 4,027,500 | ||||||||
| 14 | 15,000 | $87.50 | $ 1,320,000 | |||||||
| 15,000 | $89.50 | 1,342,500 | 30,000 | $89.50 | $ 2,685,000 | |||||
| 25 | 7,500 | $90.00 | $675,000 | 30,000 | $90.00 | $ 2,685,000 | ||||
| 7,500 | $90.00 | 675,000 | ||||||||
| 30 | 26,250 | $90.00 | $ 2,349,375 | 3,750 | $89.50 | $ 335,625 | ||||
| 7,500 | $90.00 | 675,000 | ||||||||
| 31 | Balances | $ 10,918,875 | $ 1,010,625 | |||||||
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