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 72 $300 $21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 April 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 May 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record 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. Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 3 72 300 21,600 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. $