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Problem: LIFO Perpetual Inventory
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan. 1
Inventory
2,500
$60.00
$150,000
10
Purchase
7,500
68.00
510,000
28
Sale
3,750
120.00
450,000
30
1,250
150,000
Feb. 5
500
$120.00
$60,000
18,000
70.00
1,260,000
16
9,000
125.00
1,125,000
8,500
1,062,500
Mar. 5
15,000
71.60
1,074,000
14
10,000
1,250,000
25
72.00
180,000
8,750
1,093,750
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, 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. Round unit cost to two decimal places, if necessary.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of March 31, 2016.
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