PR $7-2$A 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 $7-1$A$.$

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.

$3.$ Determine the ending inventory cost as of March $31,2016.$

Date Transaction Number of Units Per Unit Total

$1-$Jan Inventory $2,500$ $$60150,000$

$10$ Purchase $7,50068510,000$

$28$ Sale $3,750120450,000$

$30$ Sale $1,250120150,000$

$5-$Feb Sale $50012060,000$

$10$ Purchase $18,000701,260,000$

$16$ Sale $9,0001251,125,000$

$28$ Sale $8,5001251,062,500$

$5-$Mar Purchase $15,00071\mathrm{.}61,074,000$

$14$ Sale $10,0001251,250,000$

$25$ Purchase $2,50072180,000$

$30$ Sale $8,7501251,093,750$