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	66		$225		$14,850
8		Purchase	132		270		35,640
11		Sale	88		750		66,000
30		Sale	55		750		41,250
April 8		Purchase	110		300		33,000
10		Sale	66		750		49,500
19		Sale	33		750		24,750
28		Purchase	110		330		36,300
May 5		Sale	66		790		52,140
16		Sale	88		790		69,520
21		Purchase	198		360		71,280
28		Sale	99		790		78,210

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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Keats Office Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three months ended May 31, 2016
	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, 2016. $

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