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:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory9,000$60.00$540,000Jan. 10Purchase21,00070.001,470,000Jan. 28Sale10,250140.001,435,000Jan. 30Sale5,750140.00805,000Feb. 5Sale3,500140.00490,000Feb. 10Purchase39,50075.002,962,500Feb. 16Sale15,000150.002,250,000Feb. 28Sale10,000150.001,500,000Mar. 5Purchase25,00082.002,050,000Mar. 14Sale30,000150.004,500,000Mar. 25Purchase10,00088.40884,000Mar. 30Sale19,000150.002,850,0001. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.Inventory, March 31 fill in the blank 1 of 2$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$4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.Line Item DescriptionFIFOLIFOWeighted AverageSales$fill in the blank 7$fill in the blank 8$fill in the blank 9 Cost of goods soldfill in the blank 10fill in the blank 11fill in the blank 12 Gross profit$fill in the blank 13$fill in the blank 14$fill in the blank 15 Inventory, March 31$fill in the blank 16$fill in the blank 17$fill in the blank 18 ### Inventory and Cost of Goods Sold Calculation1. **First-In, First-Out (FIFO) Method:** - **Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the FIFO method and the periodic inventory system.** - Inventory, March 31: $________ - Cost of goods sold: $________2. **Last-In, First-Out (LIFO) Method:** - **Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the LIFO method and the periodic inventory system.** - Inventory, March 31: $________ - Cost of goods sold: $________3. **Weighted Average Cost Method:** - **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. **Comparison of Gross Profit and Inventories:** - **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.** | Description | FIFO | LIFO | Weighted Average | |----------------------|--------------|--------------|------------------| | Sales | $________ | $________ | $________ | | Cost of goods sold | $________ | $________ | $________ | | Gross profit | $________ | $________ | $________ | | Inventory, March 31 | $________ | $________ | $________ | **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:| 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.(Note: No graphs or diagrams are present in the image.)

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Description: 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:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory9,000$60.00$540,000Jan. 1

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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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:

DateTransactionNumber
of UnitsPer UnitTotalJan. 1Inventory9,000$60.00$540,000Jan. 10Purchase21,00070.001,470,000Jan. 28Sale10,250140.001,435,000Jan. 30Sale5,750140.00805,000Feb. 5Sale3,500140.00490,000Feb. 10Purchase39,50075.002,962,500Feb. 16Sale15,000150.002,250,000Feb. 28Sale10,000150.001,500,000Mar. 5Purchase25,00082.002,050,000Mar. 14Sale30,000150.004,500,000Mar. 25Purchase10,00088.40884,000Mar. 30Sale19,000150.002,850,000

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.

Line Item Description	FIFO	LIFO	Weighted Average
Sales	$fill in the blank 7	$fill in the blank 8	$fill in the blank 9
Cost of goods sold	fill in the blank 10	fill in the blank 11	fill in the blank 12
Gross profit	$fill in the blank 13	$fill in the blank 14	$fill in the blank 15
Inventory, March 31	$fill in the blank 16	$fill in the blank 17	$fill in the blank 18

### Inventory and Cost of Goods Sold Calculation

1. **First-In, First-Out (FIFO) Method:**
- **Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the FIFO method and the periodic inventory system.**
- Inventory, March 31: $________
- Cost of goods sold: $________

2. **Last-In, First-Out (LIFO) Method:**
- **Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the LIFO method and the periodic inventory system.**
- Inventory, March 31: $________
- Cost of goods sold: $________

3. **Weighted Average Cost Method:**
- **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. **Comparison of Gross Profit and Inventories:**
- **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.**

| Description | FIFO | LIFO | Weighted Average |
|----------------------|--------------|--------------|------------------|
| Sales | $________ | $________ | $________ |
| Cost of goods sold | $________ | $________ | $________ |
| Gross profit | $________ | $________ | $________ |
| Inventory, March 31 | $________ | $________ | $________ |

**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:

| 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.

(Note: No graphs or diagrams are present in the image.)

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