The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below)Date Purchases Cost of Merchandise sold Inventory QuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1 10 10 28 28 30 Feb. 5 10 10 16 16 28 Mar. 5 5 14 14 25 25 30 30 31Balances 2.Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on the account and date your journal entry March 31. 3.Determine the gross profit from sales for the period.4.Determine the ending inventory cost as of March 31. The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:DateTransactionNumber of UnitsPer UnitTotalJan.1Inventory2,700$50.00$135,00010Purchase7,30058.00423,40028Sale4,050100.00405,00030Sale1,200100.00120,000Feb.Sale500100.0050,00010Purchase17,00060.001,020,00016Sale9,200105.00966,00028Sale8,000105.00840,000Mar.5Purchase14,30061.60880,88014Sale10,300105.001,081,50025Purchase3,20062.00198,40030Sale8,000105.00840,000 PurchasesSoldBalanceUnitQtypriceUnitQtypriceDateUnitQtypriceTotalTotalTotal03-Apr08-Аpr| 9648 | 45048 45096| 54021,60021,60051,84054051,84011-Apr48 | 45016| 54040 | 54021,600 80 5408,64021,600 40 54040 | 54080 60021,600 72 6004,80043,20030-Аpr08-May 8021,60021,60048,00060048,00010-May40 | 54043,200860019-May28-May 8024| 60014,400 48 60048 | 60028,80066052,80028,8008066052,80048 60064| 66028,800 80 66042,240 1605-Jun52,80016-Jun66010,56021-Jun 144 720 | 1,03,6801666010,560144 720 1,03,68016| 66056 72028-Jun10,560 88 72063,36040,320Total2,14,56063,360

The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date Purchases Cost of Merchandise sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16 28 Mar. 5 5 14 14 25 25 30 30 31 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on the account and date your journal entry March 31. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached)

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below)

Date		Purchases			Cost of Merchandise sold			Inventory

	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1
10
10
28
28
30
Feb. 5
10
10
16
16
28
Mar. 5
5
14
14
25
25
30
30
31	Balances

2.	Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on the account and date your journal entry March 31.

3.	Determine the gross profit from sales for the period.
4.	Determine the ending inventory cost as of March 31.

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
2,700
$50.00
$135,000
10
Purchase
7,300
58.00
423,400
28
Sale
4,050
100.00
405,000
30
Sale
1,200
100.00
120,000
Feb.
Sale
500
100.00
50,000
10
Purchase
17,000
60.00
1,020,000
16
Sale
9,200
105.00
966,000
28
Sale
8,000
105.00
840,000
Mar.
5
Purchase
14,300
61.60
880,880
14
Sale
10,300
105.00
1,081,500
25
Purchase
3,200
62.00
198,400
30
Sale
8,000
105.00
840,000

Purchases
Sold
Balance
Unit
Qty
price
Unit
Qty
price
Date
Unit
Qty
price
Total
Total
Total
03-Apr
08-Аpr| 96
48 | 450
48 450
96| 540
21,600
21,600
51,840
540
51,840
11-Apr
48 | 450
16| 540
40 | 540
21,600 80 540
8,640
21,600 40 540
40 | 540
80 600
21,600 72 600
4,800
43,200
30-Аpr
08-May 80
21,600
21,600
48,000
600
48,000
10-May
40 | 540
43,200
8
600
19-May
28-May 80
24| 600
14,400 48 600
48 | 600
28,800
660
52,800
28,800
80
660
52,800
48 600
64| 660
28,800 80 660
42,240 16
05-Jun
52,800
16-Jun
660
10,560
21-Jun 144 720 | 1,03,680
16
660
10,560
144 720 1,03,680
16| 660
56 720
28-Jun
10,560 88 720
63,360
40,320
Total
2,14,560
63,360

Expert Solution

Step 1

First-in, first-out method is the method that is used to record the purchase sales and inventory of goods into business in which is assumed that the first purchased inventory is sold first. This means at the time of sales, the oldest inventory purchased is sold first.

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