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LIFO Perpetual Inventory

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

Date		Transaction	Number of Units		Per Unit		Total
Jan. 1		Inventory	7,500		$75.00		$562,500
10		Purchase	22,500		85.00		1,912,500
28		Sale	11,250		150.00		1,687,500
30		Sale	3,750		150.00		562,500
Feb. 5		Sale	1,500		150.00		225,000
10		Purchase	54,000		87.50		4,725,000
16		Sale	27,000		160.00		4,320,000
28		Sale	25,500		160.00		4,080,000
Mar. 5		Purchase	45,000		89.50		4,027,500
14		Sale	30,000		160.00		4,800,000
25		Purchase	7,500		90.00		675,000
30		Sale	26,250		160.00		4,200,000

Required:

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. Round unit cost to two decimal places, if necessary.

Midnight Supplies Perpetual Inventory Account LIFO Method For the three-months ended March 31
	Purchases			Cost of Merchandise Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
							fill in the blank 10	fill in the blank 11	fill in the blank 12
Jan. 28				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
							fill in the blank 19	fill in the blank 20	fill in the blank 21
Jan. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
							fill in the blank 28	fill in the blank 29	fill in the blank 30
Feb. 5				fill in the blank 31	fill in the blank 32	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
							fill in the blank 37	fill in the blank 38	fill in the blank 39
Feb. 10	fill in the blank 40	fill in the blank 41	fill in the blank 42				fill in the blank 43	fill in the blank 44	fill in the blank 45
							fill in the blank 46	fill in the blank 47	fill in the blank 48
							fill in the blank 49	fill in the blank 50	fill in the blank 51
Feb. 16				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
							fill in the blank 58	fill in the blank 59	fill in the blank 60
							fill in the blank 61	fill in the blank 62	fill in the blank 63
Feb. 28				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
							fill in the blank 70	fill in the blank 71	fill in the blank 72
							fill in the blank 73	fill in the blank 74	fill in the blank 75
Mar. 5	fill in the blank 76	fill in the blank 77	fill in the blank 78				fill in the blank 79	fill in the blank 80	fill in the blank 81
							fill in the blank 82	fill in the blank 83	fill in the blank 84
							fill in the blank 85	fill in the blank 86	fill in the blank 87
							fill in the blank 88	fill in the blank 89	fill in the blank 90
Mar. 14				fill in the blank 91	fill in the blank 92	fill in the blank 93	fill in the blank 94	fill in the blank 95	fill in the blank 96
							fill in the blank 97	fill in the blank 98	fill in the blank 99
							fill in the blank 100	fill in the blank 101	fill in the blank 102
							fill in the blank 103	fill in the blank 104	fill in the blank 105
Mar. 25	fill in the blank 106	fill in the blank 107	fill in the blank 108				fill in the blank 109	fill in the blank 110	fill in the blank 111
							fill in the blank 112	fill in the blank 113	fill in the blank 114
							fill in the blank 115	fill in the blank 116	fill in the blank 117
							fill in the blank 118	fill in the blank 119	fill in the blank 120
							fill in the blank 121	fill in the blank 122	fill in the blank 123
Mar. 30				fill in the blank 124	fill in the blank 125	fill in the blank 126	fill in the blank 127	fill in the blank 128	fill in the blank 129
				fill in the blank 130	fill in the blank 131	fill in the blank 132	fill in the blank 133	fill in the blank 134	fill in the blank 135
				fill in the blank 136	fill in the blank 137	fill in the blank 138
				fill in the blank 139	fill in the blank 140	fill in the blank 141
Mar. 31	Balances					$fill in the blank 142			$fill in the blank 143

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

Total sales	$fill in the blank 144
Total cost of merchandise 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

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