Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

Exercise Planet began January with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows: E: (Click the icon to view the transactions.) Read the requirements. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Cost Cost Quantity Cost Cost Quantity Cost Cost Date Quantity Jan. 1 51 - X Data Table 13 Jan. 5 Purchase 181 Jan. 13 Sale 130 crates @ $76 each 140 crates @ $96 each 150 crates @ $83 each 160 crates @ $100 each Jan. 18 Purchase 26 Jan. 26 Sale Totals Print Done Determine the company's gross profit using the LIFO inventory costing method