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		$300		$12,600
8		Purchase	84		360		30,240
11		Sale	56		1,000		56,000
30		Sale	35		1,000		35,000
April 8		Purchase	70		400		28,000
10		Sale	42		1,000		42,000
19		Sale	21		1,000		21,000
28		Purchase	70		440		30,800
May 5		Sale	42		1,050		44,100
16		Sale	56		1,050		58,800
21		Purchase	126		480		60,480
28		Sale	63		1,050		66,150

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. $