Pr$.7-2$AInstructions

Record the inventory, purchases, and cost of merchandise sold data in a perpetual

inventory record, using the last$-$in$,$ first$-$out method.

Determine the total sales, the total cost of merchandise sold for the period. Journalize

the entries in the sales and cost of merchandise sold accounts. Assume that all sales

were on account.

Determine the gross profit from sales for the period.

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

Based upon the preceding data, would you expect the inventory using the last$-$in$,$ first

out method to be higher or lower? Instructions

Record the inventory, purchases, and cost of merchandise sold data in a perpetual

inventory record, using the last$-$in$,$ first$-$out method.

Determine the total sales, the total cost of merchandise sold for the period. Journalize

the entries in the sales and cost of merchandise sold accounts. Assume that all sales

were on account.

Determine the gross profit from sales for the period.

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

Based upon the preceding data, would you expect the inventory using the last$-$in$,$ first

out method to be higher or lower?$7-2$A Date Transaction Number per units Per Unit Total Jan. $1$ Inventory $750075\mathrm{.}0056250010$ Purchase $2250085\mathrm{.}00191250028$ sale $11250150\mathrm{.}00168750030$ sale $3750150\mathrm{.}00562500$ Feb. $5$ sale $1500150\mathrm{.}0022500010$ purchase $5400087\mathrm{.}50472500016$ sale $27000160\mathrm{.}00432000028$ sale $25500160\mathrm{.}004080000$ Mar. $5$ purchase $4500089\mathrm{.}50402750014$ sale $30000160\mathrm{.}00480000025$ purchase $750090\mathrm{.}0067500030$ sale $26250160\mathrm{.}004200000$ That is all the information that was provided, thank you $!$ PR $7-2$A LIFO perpetual inventory OBJ. $2,3$ The beginning inventory at Midnight 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 $4,$ 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 as of March $31.$Date Jan. $1102830$ Feb. $5101628$ Mar. $514253031$ Quantity Balances Purchases Unit Cost Total Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Quantity $7,500$ Inventory Unit Cost $$75\mathrm{.}00$ $ Total Cost $562,500$Total sales Total cost of merchandise sold Gross profit Ending inventory cost