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	84		$150		$12,600
8		Purchase	168		180		30,240
11		Sale	113		500		56,500
30		Sale	71		500		35,500
April 8		Purchase	140		200		28,000
10		Sale	84		500		42,000
19		Sale	42		500		21,000
28		Purchase	140		220		30,800
May 5		Sale	84		525		44,100
16		Sale	112		525		58,800
21		Purchase	252		240		60,480
28		Sale	126		525		66,150

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. If units are in inventory at two different costs, enter the OLDEST units first.

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, 2014. $