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Keats office supplies LIFO perpetual inventory

Price: $2.50


The beginning inventory at Keats Office Supplies and data on purchases and sales for a
three-month period are shown in Problem 7-1A.

Date Transaction # of units Per Unit Total
Mar. 1 Inventory 300 20 6,000
10 Purchase 500 21 10,500
28 Sale 400 35 14,000
30 Sale 250 40 10,000
Apr. 5 Sale 80 40 3,200
10 Purchase 450 22 9,900
16 Sale 250 42 10,500
28 Sale 150 45 6,750
May 5 Purchase 175 24 4,200
14 Sale 160 50 8,000
25 Purchase 150 25 3,750
30 Sale 140 50 7,000

Instructions
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.
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

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