LIFO Perpetual Inventory

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows:

Date		Transaction	Number of Units		Per Unit		Total
March 3		Inventory	36		$450		$16,200
8		Purchase	72		540		38,880
11		Sale	48		1,500		72,000
30		Sale	30		1,500		45,000
April 8		Purchase	60		600		36,000
10		Sale	36		1,500		54,000
19		Sale	18		1,500		27,000
28		Purchase	60		660		39,600
May 5		Sale	36		1,575		56,700
16		Sale	48		1,575		75,600
21		Purchase	108		720		77,760
28		Sale	54		1,575		85,050

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.

Keats Office Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three months ended May 31, 2014
	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. $