problem 06-02A

eBook Show Me How 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: Number of Units Date Transaction Per Unit Total Jan. 1 Inventory $75.00 $562,500 10 Purchase 7,500 22,500 11,250 85.00 1,912,500 28 Sale 150.00 30 Sale 1,687,500 562,500 3,750 150.00 Feb. 5 Sale 150.00 225,000 10 Purchase 1,500 54,000 27,000 87.50 16 Sale 160.00 4,725,000 4,320,000 4,080,000 28 Sale 25,500 160.00 Mar. 5 Purchase 89.50 4,027,500 4,800,000 14 Sale 160.00 45,000 30,000 7,500 26,250 25 Purchase 90.00 30 675,000 4,200,000 Sale 160.00 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar in the non ES eBook Show Me How 6 Exercises & Problems Required: 1. Record the inventory, purchases, and cost of goods 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 costs, enter the units with the HIGHER unit cost first in the Cost of Goods 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 Goods Sold LIFO Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost Jan 7,500 $ 75 1 562,500 Jan 22,500 10 85 1,912,500 Jan. 11,250 2B lan. 30 3,750 Feb 5 5 Check My Work Previous Net Assignment Score 1.31% All work saved Email Instructor Save and Exit SubmitAssignment for Ch 6 Exercises & Problems eBook Show Me How Feb 5 Feb. - 10 Feb 16 Feb 28 Mar 5 | . Check My Work Previe 16 Exercises & Problems eBook Show Me How Mar. 14 Mar. 25 Mar 30 Mar. 31 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31. Feedback Check My Work