Problem:

Jan 1 Beginning inventory 200 units @ $10 per unit

Jan 5 Purchased 300 units at $12 per unit

Jan 10 Sold 150 units at $40 per unit

Jan 15 Purchased 90 units at $15 per unit

Jan 20 Sold 300 units at $40 per unit

Required:

Perpetual Inventory System

Last-in-first out (LIFO)

Weighted Average cost method

Lower of Cost or Market Aggregate Items Based

Determine the gross profit

Partial Income Statement