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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. OPS 16 ST. 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 March 31. 050 anolibudani

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. OPS 16 ST. 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 March 31. 050 anolibudani

FINANCIAL ACCOUNTING
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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fit, →→ N W :2wollo1 26 PR 7-2A LIFO perpetual inventory OBJ. 2,3 the quantity and unit cost of val The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period are shown in Problem 7-1A. nsl loboM urchase. the Lower of the OTA Instructions the lowers of 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. OPS 16 ST AEL 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. ого 3. Determine the ending inventory cost as of March 31. yd J anoltbudeni monova, od to 203 pri snimisand Lower of
Transcribed Image Text:fit, →→ N W :2wollo1 26 PR 7-2A LIFO perpetual inventory OBJ. 2,3 the quantity and unit cost of val The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period are shown in Problem 7-1A. nsl loboM urchase. the Lower of the OTA Instructions the lowers of 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. OPS 16 ST AEL 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. ого 3. Determine the ending inventory cost as of March 31. yd J anoltbudeni monova, od to 203 pri snimisand Lower of
ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
Transcribed Image Text:ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
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