The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month…

PR 7-2A LIFO perpetual inventory

The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.

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.

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