fit planet began May with merchandise inventory of 90 crates of vitamins that cost a total of $5850 during the month fit planet purchased and sold merchandise on account as follows

May 5 purchase 130 crates at $76 each

May 13 sale 140 crates at $100 each

May 18 purchase 170 crates at $86 each

May 26 sale 180 crates at $106 each

prepare a perpetual inventory record using the LIFO inventory costing method and determine the companies cost of good sold adding merchandise inventory and gross profit

begin by computing the cost of good sold and cost of ending merchandise inventory using the LIFO Inventory costing method enter the transactions in chronological order calculating new inventory on hand balances after each transaction once all of the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchase sold and on hand at the end of the period