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The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date TransactionNumber of UnitsPer UnitTotalJan

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The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:

Date TransactionNumber

of UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 28 Sale11,250 150.00 1,687,500 30 Sale3,750 150.00 562,500 Feb. 5 Sale1,500 150.00 225,000 10 Purchase54,000 87.50 4,725,000 16 Sale27,000 160.00 4,320,000 28 Sale25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 14 Sale30,000 160.00 4,800,000 25 Purchase7,500 90.00 675,000 30 Sale26,250 160.00 4,200,000 

Required:

1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.

Midnight Supplies

Schedule of Cost of Goods Sold

LIFO Method

For the Three Months Ended March 31 PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1      

   Mar. 31Balances    

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Total sales$fill in the blank 144

Total cost of goods sold$fill in the blank 145

Gross profit$fill in the blank 146

3. Determine the ending inventory cost as of March 31.

$fill in the blank 147