GO LITO Perpetual Inventory 30 SO 10 The beginning invity of met purderer Date Transaction Number Per Unit of Units Total Apr. 3 Inventory 1325 Purchase 120 54.000 30 Sa 80 1.250 100,000 30 Sale 1.250 62.500 Mays Purch 500 50,000 10 Sale 50 11250 75,000 19 Sale 30 1.250 37.500 28Purchase 550 55.000 June 5 Sale 60 1315 78.900 16 Sale 135 105 200 21 Purchase 1150 600 IO.000 28 Sau 90 1.315 118.350 8 8 8 8 8 32 8 8 8 8 8 8 Required: 1. Record the inventory, purchase and cost of merchandise od data in perpetual record method Under LIFO, units are in inventory at two different costs, enter the CHER un contre conce WW C W2 1. PEOT ODALGO 2 EXOT 04. ALGO 2. EXOTO.ALOO 4. EX 07.11 5 PROTO ALGO LO Purchase Cerchant Bate Quantity U Coat Yotal wat Quantity 00 3 10 370 120 450 54,000 120 450 40 30 40 375 3.000 30 30 1,000 30 650 375 10 20 AD 100 soo 50,000 00 30.000 De Che Man rogress Al ved MacBook Pro May 1 . 500 30.000 Hart 1 May 2 I I 1 - - June 10 June 2 li 90 600 54,000 (June 20 90 600 54,000 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30. Feedback Check My Work 1. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the LIFO means the last units purchased are assumed to be the first to be sold. Therefore after each sale, the ring or ending earliest purchases. Think of your inventory in terms of "layers." The first sale comes from the most recent purchase layer. Where costing of each sale ask yourself: "Is there enough inventory left in the most recent purchase to cover the sale? If not the the Check My Work 3 more Check My Work uses remaining