Question: Spring Garden Supply, which uses the LIFO method, began March with 50 units of inventory that cost $15 each. During March, Spring Garden Supply completed

Spring Garden Supply, which uses the LIFO method, began March with 50 units of inventory that cost $15 each. During March, Spring Garden Supply completed thses inventory transactions:

Number of Units Unit Cost Unit Sale Price

March 2 Purchase 12 $20

8 Sale 40 $36

17 Purchase 24 $25

22 Sale 31 $40

1. Prepare a perpetual inventory record for Spring Garden Supply's merchandise.

2. Determine the cost of goods sold for March

3. Compute gross profit for March

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