Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. 19,000 150.00 2,850,0001. 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.Mar. 30 SaleInventory, March 31 $Cost of goods sold $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 $Cost of goods sold $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 inventorysystem. Round the weighted average unit cost to the nearest cent.Inventory, March 31 $Cost of goods sold $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 numbersuse a minus sign.SalesCost of goods soldGross profitInventory, March 31$$$FIFO$$$LIFOWeighted Average$$$ Periodic inventory by three methodsThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Numberof Units Per Unit TotalDate TransactionJan. 1 InventoryJan. 10 PurchaseJan. 28 SaleJan. 30 SaleFeb. 5 SaleFeb. 10 PurchaseFeb. 16 SaleFeb. 28 SaleMar. 5 Purchase9,000$60.00$540,00021,00070.001,470,00010,250140.00 1,435,0005,750140.00805,0003,500140.00490,00039,50075.002,962,50015,000150.00 2,250,00010,0001,500,00025,00082.00 2,050,000Mar. 14 Sale30,000150.00 4,500,000Mar. 25 Purchase10,00088.40884,000Mar. 30 Sale19,0002,850,0001. 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 $Cost of goods sold $150.00150.00

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Description: Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. 19,000 150.00 2,850,0001. Determine the inventory on March 31 and the cost of good

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Business

Accounting

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number of Units Per Unit Total Date Transaction Jan. 1 Inventory 9,000 $60.00 Jan. 10 Purchase 21,000 Jan. 28 Sale 10,250 Jan. 30 Sale 5,750 Feb. 5 Sale 3,500 Feb. 10 Purchase 39,500 Feb. 16 Sale 15,000 Feb. 28 Sale 10,000 Mar. 5 Purchase 25,000 Mar. 14 Sale 30,000 Mar. 25 Purchase 10,000 Mar. 30 Sale 19,000 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 $ Cost of goods sold $ $540,000 70.00 1,470,000 140.00 1,435,000 140.00 805,000 140.00 490,000 2,962,500 150.00 2,250,000 150.00 1,500,000 82.00 2,050,000 150.00 4,500,000 88.40 884,000 150.00 2,850,000 75.00

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number of Units Per Unit Total Date Transaction Jan. 1 Inventory 9,000 $60.00 Jan. 10 Purchase 21,000 Jan. 28 Sale 10,250 Jan. 30 Sale 5,750 Feb. 5 Sale 3,500 Feb. 10 Purchase 39,500 Feb. 16 Sale 15,000 Feb. 28 Sale 10,000 Mar. 5 Purchase 25,000 Mar. 14 Sale 30,000 Mar. 25 Purchase 10,000 Mar. 30 Sale 19,000 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 $ Cost of goods sold $ $540,000 70.00 1,470,000 140.00 1,435,000 140.00 805,000 140.00 490,000 2,962,500 150.00 2,250,000 150.00 1,500,000 82.00 2,050,000 150.00 4,500,000 88.40 884,000 150.00 2,850,000 75.00

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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