Reference no: EM131775794

LIFO Perpetual InventoryThe beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are as follows:

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		Sale	1,250		120.00		150,000
Feb. 5		Sale	500		$120.00		$60,000
10		Purchase	18,000		70.00		1,260,000
16		Sale	9,000		125.00		1,125,000
28		Sale	8,500		125.00		1,062,500
Mar. 5		Purchase	15,000		71.60		1,074,000
14		Sale	10,000		125.00		1,250,000
25		Purchase	2,500		72.00		180,000
30		Sale	8,750		125.00		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.