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s: Series A OBJ. 2,1 PR 7-1A FIFO 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: Date Jan. 1 10 28 30 Feb. 5 10 Transaction Inventory Purchase Sale Sale Sale Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units Per nav Unit 7,500 $ 75.00 85.00 150.00 bo 3,750 150.00 22,500 11,250 M 27,000 25,500 45,000 30,000 7,500 26,250 1,500 150.00 54,000 87.500 160.00 160.00 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 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 000 were on account. 23. Determine the gross profit from sales for the period. 0.02. Determine the total sales and the total cost of merchandise sold for the period. Journal odeesize the entries in the sales and cost of merchandise sold accounts. Assume that all sales

s: Series A OBJ. 2,1 PR 7-1A FIFO 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: Date Jan. 1 10 28 30 Feb. 5 10 Transaction Inventory Purchase Sale Sale Sale Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units Per nav Unit 7,500 $ 75.00 85.00 150.00 bo 3,750 150.00 22,500 11,250 M 27,000 25,500 45,000 30,000 7,500 26,250 1,500 150.00 54,000 87.500 160.00 160.00 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 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 000 were on account. 23. Determine the gross profit from sales for the period. 0.02. Determine the total sales and the total cost of merchandise sold for the period. Journal odeesize the entries in the sales and cost of merchandise sold accounts. Assume that all sales

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter 7 Inventories 387 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first- out method to be higher or lower?
Transcribed Image Text:Chapter 7 Inventories 387 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first- out method to be higher or lower?
ms: Series A brsrions ers OBJ. 2,3 PR 7-1A FIFO 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: Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase 2013 Sale Sale Salech Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 9 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 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 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 4,200,000 000,0 2. Determine the total sales and the total cost of merchandise sold for the period. Journal- ize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 23. Determine the gross profit from sales for the period. ht
Transcribed Image Text:ms: Series A brsrions ers OBJ. 2,3 PR 7-1A FIFO 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: Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase 2013 Sale Sale Salech Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 9 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 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 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 4,200,000 000,0 2. Determine the total sales and the total cost of merchandise sold for the period. Journal- ize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 23. Determine the gross profit from sales for the period. ht
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Chapter 7 Inventories 387 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first- out method to be higher or lower?
Transcribed Image Text:Chapter 7 Inventories 387 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first- out method to be higher or lower?
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