1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $fill in the blank 1 Cost of goods sold $fill in the blank 2 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $fill in the blank 3 Cost of goods sold $fill in the blank 4 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cen
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $fill in the blank 1 Cost of goods sold $fill in the blank 2 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $fill in the blank 3 Cost of goods sold $fill in the blank 4 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cen
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Periodic inventory by three methods
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
| Date | Transaction | Number of Units |
Per Unit | Total | ||
| Jan. 1 | 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. 5 | Sale | 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. 5 | 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 |
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
| Inventory, March 31 | $fill in the blank 1 |
| Cost of goods sold | $fill in the blank 2 |
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
| Inventory, March 31 | $fill in the blank 3 |
| Cost of goods sold | $fill in the blank 4 |
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
| Inventory, March 31 | $fill in the blank 5 |
| Cost of goods sold | $fill in the blank 6 |
4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
| FIFO | LIFO | Weighted Average | |
| Sales | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
| Cost of goods sold | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Gross profit | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 |
| Inventory, March 31 | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
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