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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:

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:

Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
10 Purchase 22,500 85.00 1,912,500
28 Sale 11,250 150.00 1,687,500
30 Sale 3,750 150.00 562,500
Feb. 5 Sale 1,500 150.00 225,000
10 Purchase 54,000 87.50 4,725,000
16 Sale 27,000 160.00 4,320,000
28 Sale 25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Sale 30,000 160.00 4,800,000
25 Purchase 7,500 90.00 675,000
30 Sale 26,250 160.00 4,200,000

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. Round unit cost to two decimal places, if necessary.

Midnight Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended March 31
Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1
Jan. 10
Jan. 28
Jan. 30
Feb. 5 fill in the blank 31 fill in the blank 32 fill in the blank 33
Feb. 10 fill in the blank 40 fill in the blank 41 fill in the blank 42
Feb. 16 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57
fill in the blank 58 fill in the blank 59 fill in the blank 60
fill in the blank 61 fill in the blank 62 fill in the blank 63
Feb. 28 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69
fill in the blank 70 fill in the blank 71 fill in the blank 72
fill in the blank 73 fill in the blank 74 fill in the blank 75
Mar. 5 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81
fill in the blank 82 fill in the blank 83 fill in the blank 84
fill in the blank 85 fill in the blank 86 fill in the blank 87
fill in the blank 88 fill in the blank 89 fill in the blank 90
Mar. 14 fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96
fill in the blank 97 fill in the blank 98 fill in the blank 99
fill in the blank 100 fill in the blank 101 fill in the blank 102
fill in the blank 103 fill in the blank 104 fill in the blank 105
Mar. 25 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 fill in the blank 111
fill in the blank 112 fill in the blank 113 fill in the blank 114
fill in the blank 115 fill in the blank 116 fill in the blank 117
fill in the blank 118 fill in the blank 119 fill in the blank 120
fill in the blank 121 fill in the blank 122 fill in the blank 123
Mar. 30 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 fill in the blank 129
fill in the blank 130 fill in the blank 131 fill in the blank 132 fill in the blank 133 fill in the blank 134 fill in the blank 135
fill in the blank 136 fill in the blank 137 fill in the blank 138
fill in the blank 139 fill in the blank 140 fill in the blank 141
Mar. 31 Balances $fill in the blank 142 $fill in the blank 143

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales $fill in the blank 144
Total cost of merchandise sold fill in the blank 145
Gross profit $fill in the blank 146

3. Determine the ending inventory cost as of March 31.

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