Chapter 6 Homework Midnight Supplies Schedule of Cost of Good: LIFO Method For the Three Months Ended Purchases Cost of Goods SC Unit Cost Date Quantity Unit Cost Total Cost Quantity Jan. 1 Jan. 10 22,500 85 1,912,500 Jan. 28 11,250 82.5 X Jan. 30 3,750 82.5 X Feb. 5 1,500 82.5 x 82.5 Feb. 10 54,000 87.5 4,725,000 Feb. 16 27,000 86.5 X Feb. 28 25,500 86.5 X Mar. 5 45,000 89.50 4,027,500 Mar. 14 30,000 88.75 X Mar. 25 7,500 90 675,000 26,250 X 89 X Mar. 30 Mar. 31 Balances Chapter 6 Homework ? LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Per Unit $75.00 85.00 150.00 Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 150.00 150.00 Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Total $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 87.50 160.00 28 Sale 160.00 Mar. 5 Purchase 89.50 14 Sale 160.00 90.00 675,000 25 Purchase 30 Sale 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary, 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 19,875,000 Total cost of goods sold 10,901,250 x Gross profit 8,973,750 x 3. Determine the ending inventory cost as of March 31. 1,001,250 x Chapter 6 Homework Hule of Cost of Goods Sold LIFO Method hree Months Ended March 31 Cost of Goods Sold Inventory ity Unit Cost Total Cost Quantity Unit Cost Total Cost 7,500 $ 562,500 2,475,000 x 30,000 x 18,750 x 75 82.5 x 82.50 x 82.50 x 1,546,875 x 1,237,500 x 15,000 X 150 82.5 X 13,500 x 82.50 x 1,113,750 x 67,500 x 86.50 x 5,838,750 x ,750 82.5 x 3,503,250 x 40,500 x 15,000 x 86.50 x 86.5 x 1,500 82.5 x 60,000 X 88.75 X 30,000 X 88.75 X 1,297,500 x 5,325,000 x 2,662,500 x 3,337,500 x 1,001,250 x 37,500 x 89 x 11,250 x 89 X ,000 86.5 x 1,500 86.5 x ,000 88.75 X ,250 X 89 X