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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: 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
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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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. Mar. 30 Sale Inventory, 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 inventory system. 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 numbers use a minus sign. Sales Cost of goods sold Gross profit Inventory, March 31 $ $ $ FIFO $ $ $ LIFO Weighted Average $ $ $
Transcribed Image Text: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. Mar. 30 Sale Inventory, 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 inventory system. 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 numbers use a minus sign. Sales Cost of goods sold Gross profit Inventory, March 31 $ $ $ FIFO $ $ $ LIFO Weighted Average $ $ $
Periodic inventory by three methods 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 Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 1,500,000 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 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 $ Cost of goods sold $ 150.00 150.00
Transcribed Image Text:Periodic inventory by three methods 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 Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 1,500,000 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 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 $ Cost of goods sold $ 150.00 150.00
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