PLEASE DO NOT CUT OFF ANSWER AND MARK BOXES WITH THE SAME NAME AS THEY HAVE IN THE PHOTO. Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, ifnecessary.Midnight SuppliesPerpetual Inventory AccountWeighted Average Cost MethodFor the three months ended March 31PurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 17,500 VJan. 1022,50085 V$1,912,50Jan. 2811,25p $$1,687,50 xJan. 303,750Accounting numeric field1,50Feb. 5Feb. 1054,000 V87.504,725,00 vFeb. 1627,000Feb. 2825,500Mar. 545,00089.50 V4,027,50Mar. 1430,000Mar. 257,50090675,000Mar, 3026,250 vMar. 31Balances2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.Total salesTotal cost of merchandisesoldGross profit from sales3. Determine the ending inventory cost as of March 31. Weighted Average Cost Method with Perpetual InventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:Number PerDate Transaction of Units UnitTotalJan.Inventory7,500 $75.00$562,50010 Purchase22,50085.00 1,912,50028 Sale11,250 150.00 1,687,50030 Sale3,750 150.00562,500Feb.Sale5.1,500 150.00225,00010 Purchase54,00087.50 4,725,00016 Sale27,000 160.00 4,320,00028 Sale25,500 160.00 4,080,000Mar.Purchase45,00089.50 4,027,50014Sale30,000 160.00 4,800,00025 Purchase7,50090.00675,00030 Sale26,250 160.00 4,200,000

The gross profit is calculated as difference between sales and cost of sales.

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, it necessary. Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of Merchandise Sold Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 7,500 Jan. 10 22,500 85 s1,912,50 Jan, 28 11,20 1,687,50 x 3,750 Accounting numeric field 1,50- Jan. 30 Feb. 5 Feb. 10 54,000 87.50 4,725,00 Feb. 16 27,000 Feb. 28 25,500 Mar. S 45,000 89.50 4,027,50 Mar. 14 30,000 Mar. 25 7,500 90 675,000 Mar. 30 26,250 Mar. 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, it necessary. Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of Merchandise Sold Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 7,500 Jan. 10 22,500 85 s1,912,50 Jan, 28 11,20 1,687,50 x 3,750 Accounting numeric field 1,50- Jan. 30 Feb. 5 Feb. 10 54,000 87.50 4,725,00 Feb. 16 27,000 Feb. 28 25,500 Mar. S 45,000 89.50 4,027,50 Mar. 14 30,000 Mar. 25 7,500 90 675,000 Mar. 30 26,250 Mar. 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

PLEASE DO NOT CUT OFF ANSWER AND MARK BOXES WITH THE SAME NAME AS THEY HAVE IN THE PHOTO.

Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if
necessary.
Midnight Supplies
Perpetual Inventory Account
Weighted Average Cost Method
For the three months ended March 31
Purchases
Cost of Merchandise Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan. 1
7,500 V
Jan. 10
22,500
85 V
$1,912,50
Jan. 28
11,25p $
$1,687,50 x
Jan. 30
3,750
Accounting numeric field
1,50
Feb. 5
Feb. 10
54,000 V
87.50
4,725,00 v
Feb. 16
27,000
Feb. 28
25,500
Mar. 5
45,000
89.50 V
4,027,50
Mar. 14
30,000
Mar. 25
7,500
90
675,000
Mar, 30
26,250 v
Mar. 31
Balances
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
Total sales
Total cost of merchandise
sold
Gross profit from sales
3. Determine the ending inventory cost as of March 31.

Weighted Average Cost Method with Perpetual Inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:
Number Per
Date Transaction of Units Unit
Total
Jan.
Inventory
7,500 $75.00
$562,500
10 Purchase
22,500
85.00 1,912,500
28 Sale
11,250 150.00 1,687,500
30 Sale
3,750 150.00
562,500
Feb.
Sale
5.
1,500 150.00
225,000
10 Purchase
54,000
87.50 4,725,000
16 Sale
27,000 160.00 4,320,000
28 Sale
25,500 160.00 4,080,000
Mar.
Purchase
45,000
89.50 4,027,500
14
Sale
30,000 160.00 4,800,000
25 Purchase
7,500
90.00
675,000
30 Sale
26,250 160.00 4,200,000

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