PR6-2A LIFO perpetual inventory. I kinda know how to do it but not really. The e
ID: 2603562 • Letter: P
Question
PR6-2A LIFO perpetual inventory. I kinda know how to do it but not really. The excel spreadsheet is what I need to fillout and I have the start but im missing numbersOBJ. 2, 3 PR 6-2A LIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 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 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. J. Dermine the cading inventory cost as of March š1. 2016.
Explanation / Answer
From 1st January 2016 to 31st March 2016 ( Stock statement on LIFO basis) Purchase Cost of merchandised sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Total Qty Total Cost Jan-01 2,500 $ 60 $ 150,000 2,500 $ 150,000 10-Jan 7,500 $ 68 $ 510,000 2,500 $ 60 $ 150,000 7,500 $ 68 $ 510,000 10,000 $ 660,000 28-Jan 3,750 $ 120 $ 450,000 2,500 $ 60 $ 150,000 3,750 $ 68 $ 255,000 6,250 $ 405,000 30-Jan 1,250 $ 120 $ 150,000 2,500 $ 60 $ 150,000 2,500 $ 68 $ 170,000 5,000 $ 320,000 05-Feb 500 $ 120 $ 60,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 4,500 $ 286,000 10-Feb 18,000 $ 70 $ 1,260,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 18,000 $ 70 $ 1,260,000 22,500 $ 1,546,000 16-Feb 9,000 $ 125 $ 1,125,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 9,000 $ 70 $ 630,000 13,500 $ 916,000 28-Feb 8,500 $ 125 $ 1,062,500 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 500 $ 70 $ 35,000 5,000 $ 321,000 05-Mar 15,000 $ 72 $ 1,074,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 500 $ 70 $ 35,000 15,000 $ 72 $ 1,074,000 20,000 $ 1,395,000 14-Mar 10,000 $ 125 $ 1,250,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 500 $ 70 $ 35,000 5,000 $ 72 $ 358,000 10,000 $ 679,000 25-Mar 2,500 $ 72 $ 180,000 2,500 $ 60 $ 150,000 2,000 $ 68 $ 136,000 500 $ 70 $ 35,000 5,000 $ 72 $ 358,000 2,500 $ 72 $ 180,000 12,500 $ 859,000 30-Mar 8,750 $ 125 $ 1,093,750 2,500 $ 60 $ 150,000 1,250 $ 68 $ 85,000 3,750 $ 235,000
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