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Category > Accounting Posted 18 Aug 2017 My Price 14.00

Keats Office Supplies

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 60   $375   $22,500  
8   Purchase 120   450   54,000  
11   Sale 80   1,250   100,000  
30   Sale 50   1,250   62,500  
April 8   Purchase 100   500   50,000  
10   Sale 60   1,250   75,000  
19   Sale 30   1,250   37,500  
28   Purchase 100   550   55,000  
May 5   Sale 60   1,315   78,900  
16   Sale 80   1,315   105,200  
21   Purchase 180   600   108,000  
28   Sale 90   1,315   118,350  

 

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.

 

Image for The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-mo

 

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.
$

Show transcribed image text The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: 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. 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. $

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Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 14.00

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