Instructions (FILL IN ALL BLANKS)

Required:

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. 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.

LIFO Perpetual Inventory The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are as follows: Number of Units 2,500 7,500 3,750 1,250 500 18,000 9,000 8,500 15,000 10,000 2,500 8,750 Date Transactionn Per Unit Total $150,000 510,000 450,000 150,000 60,000 1,260,000 1,125,000 1,062,500 1,074,000 1,250,000 180,000 1,093,750 Jan. 1 Inventory $60.00 68.00 120.00 120.00 $120.00 70.00 125.00 125.00 71.60 125.00 72.00 125.00 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale