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 9,000 $60.00 $540,000 Jan. 10 Purchase 21,000 70.00 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 Mar. 30 Sale 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 fill in the blank 1 of 2$ Cost of goods sold fill in the blank 2 of 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 1 of 2$ Cost of goods sold fill in the blank 2 of 2$ 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 1 of 2$ Cost of goods sold fill in the blank 2 of 2$

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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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	9,000	$60.00	$540,000
Jan. 10	Purchase	21,000	70.00	1,470,000
Jan. 28	Sale	10,250	140.00	1,435,000
Jan. 30	Sale	5,750	140.00	805,000
Feb. 5	Sale	3,500	140.00	490,000
Feb. 10	Purchase	39,500	75.00	2,962,500
Feb. 16	Sale	15,000	150.00	2,250,000
Feb. 28	Sale	10,000	150.00	1,500,000
Mar. 5	Purchase	25,000	82.00	2,050,000
Mar. 14	Sale	30,000	150.00	4,500,000
Mar. 25	Purchase	10,000	88.40	884,000
Mar. 30	Sale	19,000	150.00	2,850,000

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 of 2$
Cost of goods sold fill in the blank 2 of 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 1 of 2$
Cost of goods sold fill in the blank 2 of 2$

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 1 of 2$
Cost of goods sold fill in the blank 2 of 2$

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.

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