The beginning inventory of merchandise at Keats Office Supplies and data on purc

Question

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows

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 May 31, 2014.

Date Transaction Number
of Units Per Unit Total March 3 Inventory 54 $600 $32,400 8 Purchase 108 720 77,760 11 Sale 72 2,000 144,000 30 Sale 45 2,000 90,000 April 8 Purchase 90 800 72,000 10 Sale 54 2,000 108,000 19 Sale 27 2,000 54,000 28 Purchase 90 880 79,200 May 5 Sale 54 2,100 113,400 16 Sale 72 2,100 151,200 21 Purchase 162 960 155,520 28 Sale 81 2,100 170,100

Explanation / Answer

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows

Date Transaction Number of units Per unit Total 3-Mar Inventory 54 $600 $32,400 8 Purchase 108 720 77,760 11 Sale 72 2,000 144,000 30 Sale 45 2,000 90,000 8-Apr Purchase 90 800 72,000 10 Sale 54 2,000 108,000 sales 830,700 19 Sale 27 2,000 54,000 28 Purchase 90 880 79,200 5-May Sale 54 2,100 113,400 16 Sale 72 2,100 151,200 21 Purchase 162 960 155,520 28 Sale 81 2,100 170,100 Keats Office Supplies Schedule of Cost of Merchandise Sold LIFO Method For the three months ended May 31, 2014 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 3 54 $600 $32,400 Mar. 8 108 $720 $77,760 54 $600 $32,400 108 $720 $77,760 Mar. 11 72 $720 $51,840 54 $600 $32,400 36 $720 $25,920 Mar. 30 36 $720 $25,920 45 $600 $27,000 9 $600 $5,400 Apr. 8 90 $800 $72,000 45 600 $27,000 90 $800 $72,000 Apr. 10 54 $800 $43,200 45 600 27000 36 $800 $28,800 Apr. 19 27 $800 $21,600 45 600 27000 18 $800 $14,400 Apr. 28 90 $880 $79,200 45 $600 $27,000 18 $800 $14,400 90 $880 $79,200 5-May 54 $880 $47,520 45 $600 $27,000 18 $800 $14,400 36 $880 $31,680 16-May 36 $880 $31,680 27 $600 $16,200 18 $800 $14,400 18 $600 $10,800 21-May 162 $960 $155,520 27 $600 $16,200 162 $960 $155,520 28-May 81 $960 $77,760 27 $600 $16,200 81 $960 $77,760 31-May Balances $330,120 $93,960 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $830,700 Total cost of merchandise sold -$330,120 Gross profit from sales $500,580 3. Determine the ending inventory cost as of May 31, 2014. $93,960

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.