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(--> C Dv2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&tak; LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period e Number Date Transaction Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 562,500 1,912,500 11,250 150.00 1,687,500 562,500 1.500 150.00 225,000 54,000 87.50 4,725,000 27,000 160.00 4,320,000 25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 30,000 160.00 4,800,000 7,500 90.00 675,000 26,250 160.00 4,200,000 10 Purchase 22,500 85.00 28 Sale 30 Sale 3,750 150.00 Feb. 5 Sale 10 Purchase 16 Sale 28 Sale 14 Sale 25 Purchase , 30 Sale Required Check My Work ssignment Score: 88.89% . All work savedExplanation / Answer
LIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 7500 75 562500 10-Jan 22500 85 1912500 7500 75 562500 22500 85 1912500 28-Jan 11250 85 956250 7500 75 562500 11250 85 956250 30-Jan 3750 85 318750 7500 75 562500 7500 85 637500 5-Feb 1500 85 127500 7500 75 562500 6000 85 510000 10-Feb 54000 87.5 4725000 7500 75 562500 6000 85 510000 54000 87.5 4725000 16-Feb 27000 87.5 2362500 7500 75 562500 6000 85 510000 27000 87.5 2362500 28-Feb 25500 87.5 2231250 7500 75 562500 6000 85 510000 1500 87.5 131250 5-Mar 45000 89.5 4027500 7500 75 562500 6000 85 510000 1500 87.5 131250 45000 89.5 4027500 14-Mar 30000 89.5 2685000 7500 75 562500 6000 85 510000 1500 87.5 131250 15000 89.5 1342500 25-Mar 7500 90 675000 7500 75 562500 6000 85 510000 1500 87.5 131250 15000 89.5 1342500 7500 90 675000 30-Mar 7500 90 675000 15000 89.5 1342500 7500 75 562500 1500 87.5 131250 3750 85 318750 2250 85 191250 125250 11,021,250 11250 881,250 Total Sales: (16500 units@150 and 108,750 units@160) = $ 19875,000 Gross profit for the year: Sales 19,875,000 Less: COGS 11,021,250 Gross profit for the year: 8,853,750 Ending inventory for June $ 881,250
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