ADM 1340 Lecture 9: ADM1340 – Feb8
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14 Mar 2016
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LIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Suppliesand data on purchases and sales for a three-month period are asfollows:
Required: 1. Record the inventory, purchases, and cost ofmerchandise sold data in a perpetual inventory record similar tothe one illustrated in Exhibit 4, using the last-in, first-outmethod. If units are in inventory at two different costs, enter theOLDEST units first.
2. Determine the total sales, the total cost ofmerchandise sold, and the gross profit from sales for theperiod.
3. Determine the ending inventory cost as ofMay 31, 2014. |