Question - Spring Garden Supply, which uses the LIFO nethod, began March with 50 units of inventory that cost $15 each. During March, spring Garden Supply completed these inventory transactions:
March 2 Purchase(number of units) 12, (Unit cost)$20,
March 8 sale(uumber of units) 40, (Unit sale price)$36
March 12 purchase(unmber of nuits)24,(unit cost)$25
March 22 sale(number of units) 31, (unit sale price)$40
Requirements
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.