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please help record inventory,purchases,cost of goods sold in a perpetual inventory system using LIFO method The beginning inventory at Midnight Supplies and data on purchases
please help record inventory,purchases,cost of goods sold in a perpetual inventory system using LIFO method
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows Number of Units Per Unit Total Transaction Date 7,500 $75,00 $562,500 Inventory Jan. 1 10 Purchase 22,500 85.00 1,912,500 1,687,500 150.00 Sale 11.250 78 150.00 562,500 3,750 Sale 30 225,000 1500 150.00 Feb. 5 Sale 87.50 4725,000 54,000 Purchase 10 4,320,000 Sale 27,000 160.00 16 160,00 4,080,000 28 Sale 25,500 4,027,500 45,000 Purchase 89 50 Mar 5 4,800,000 30,000 160.00 14 Sale 675,000 25 Purchase 7500 90.00 4,200,000 Sale 26.250 160.00 30 Required 1. Record the invectory, purchases and cost of coods sold datan a percebial iventory record simlar to the one ilstrated in Eshibit 4, using the last-in first out method. Under LFO, if units ae in ietery at two tferent costs, enter the unts with the HIGHER unt cost first in the Cost of Goods Sold Unit Cost column and LOWER unh cost frst in the tnvetory Unit Cost column. Round unit cost to two decimal places, if necessary Midaiaht onnlies Previous Wor Cack Hy Workmare C nio 22- 1w24 TOSHIBAStep by Step Solution
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