Keats Office Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three months ended May 31, 2016
	Purchases			Cost of Merchandise Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Mar. 3								$	$
Mar. 8		$	$
Mar. 11					$	$
Mar. 30
Apr. 8
Apr. 10
Apr. 19
Apr. 28
May 5
May 16
May 21
May 28
May 31	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 from sales	$

3. Determine the ending inventory cost as of May 31, 2016. $

QUESTION 2:

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Number Per Unit Total Date Transaction of Units 84 $525 $44,100 March 3 Inventory 8 Purchase 168 630 105,840 11 Sale 113 1,750 197,750 1,750 124,250 30 Sale 700 98,000 140 April 8 Purchase 10 Sale 84 1,750 147,000 19 Sale 42 1,750 73,500 770 107,800 28 Purchase 140 84 1,840 154,560 May 5 Sale 16 Sale 206,080 112 1,840 840 211,680 21 Purchase 252 28 Sale 126 1,840 231,840 Required: 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column