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	42		$150		$6,300
8		Purchase	84		180		15,120
11		Sale	56		500		28,000
30		Sale	35		500		17,500
April 8		Purchase	70		200		14,000
10		Sale	42		500		21,000
19		Sale	21		500		10,500
28		Purchase	70		220		15,400
May 5		Sale	42		525		22,050
16		Sale	56		525		29,400
21		Purchase	126		240		30,240
28		Sale	63		525		33,075

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. $