The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 28 Sale11,250 150.00 1,687,500 30 Sale3,750 150.00 562,500 Feb. 5 Sale1,500 150.00 225,000 10 Purchase54,000 87.50 4,725,000 16 Sale27,000 160.00 4,320,000 28 Sale25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 14 Sale30,000 160.00 4,800,000 25 Purchase7,500 90.00 675,000 30 Sale26,250 160.00 4,200,000 Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.Midnight SuppliesSchedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended March 31 PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1 fill in the blank 1$fill in the blank 2$fill in the blank 3Jan. 10fill in the blank 4$fill in the blank 5$fill in the blank 6 fill in the blank 7fill in the blank 8fill in the blank 9fill in the blank 10fill in the blank 11fill in the blank 12Jan. 28 fill in the blank 13$fill in the blank 14$fill in the blank 15fill in the blank 16fill in the blank 17fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21Jan. 30 fill in the blank 22fill in the blank 23fill in the blank 24fill in the blank 25fill in the blank 26fill in the blank 27fill in the blank 28fill in the blank 29fill in the blank 30Feb. 5 fill in the blank 31fill in the blank 32fill in the blank 33fill in the blank 34fill in the blank 35fill in the blank 36fill in the blank 37fill in the blank 38fill in the blank 39Feb. 10fill in the blank 40fill in the blank 41fill in the blank 42 fill in the blank 43fill in the blank 44fill in the blank 45fill in the blank 46fill in the blank 47fill in the blank 48fill in the blank 49fill in the blank 50fill in the blank 51Feb. 16 fill in the blank 52fill in the blank 53fill in the blank 54fill in the blank 55fill in the blank 56fill in the blank 57fill in the blank 58fill in the blank 59fill in the blank 60fill in the blank 61fill in the blank 62fill in the blank 63Feb. 28 fill in the blank 64fill in the blank 65fill in the blank 66fill in the blank 67fill in the blank 68fill in the blank 69fill in the blank 70fill in the blank 71fill in the blank 72fill in the blank 73fill in the blank 74fill in the blank 75Mar. 5fill in the blank 76fill in the blank 77fill in the blank 78 fill in the blank 79fill in the blank 80fill in the blank 81fill in the blank 82fill in the blank 83fill in the blank 84fill in the blank 85fill in the blank 86fill in the blank 87fill in the blank 88fill in the blank 89fill in the blank 90Mar. 14 fill in the blank 91fill in the blank 92fill in the blank 93fill in the blank 94fill in the blank 95fill in the blank 96fill in the blank 97fill in the blank 98fill in the blank 99fill in the blank 100fill in the blank 101fill in the blank 102fill in the blank 103fill in the blank 104fill in the blank 105Mar. 25fill in the blank 106fill in the blank 107fill in the blank 108 fill in the blank 109fill in the blank 110fill in the blank 111fill in the blank 112fill in the blank 113fill in the blank 114fill in the blank 115fill in the blank 116fill in the blank 117fill in the blank 118fill in the blank 119fill in the blank 120fill in the blank 121fill in the blank 122fill in the blank 123Mar. 30 fill in the blank 124fill in the blank 125fill in the blank 126fill in the blank 127fill in the blank 128fill in the blank 129fill in the blank 130fill in the blank 131fill in the blank 132fill in the blank 133fill in the blank 134fill in the blank 135fill in the blank 136fill in the blank 137fill in the blank 138 fill in the blank 139fill in the blank 140fill in the blank 141 Mar. 31Balances $fill in the blank 142 $fill in the blank 1432. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total sales$fill in the blank 144Total cost of goods sold$fill in the blank 145Gross profit$fill in the blank 1463. Determine the ending inventory cost as of March 31.$fill in the blank 147 ◄Mar. 14Mar. 25Mar. 30Mar. 31 Balances2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total salesTotal cost of goods soldGross profit3. Determine the ending inventory cost as of March 31.$ DateJan. 1Jan. 10Jan. 28Jan. 30Feb. 5Feb. 10Quantity22,500PurchasesUnit Cost85.00Total Cost1,912,500Midnight SuppliesSchedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended March 31Cost of Goods SoldUnit CostQuantity000Total Cost

Name: The beginning inventory at Midnight Supplies and data on purchases and
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Description: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 28

Solution: Under LIFO method, inventory purchase first is considered as sold in last, keeping oldest…

Answered: The beginning inventory at Midnight…

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	Total
Jan. 1	Inventory	7,500	$75.00	$562,500
10	Purchase	22,500	85.00	1,912,500
28	Sale	11,250	150.00	1,687,500
30	Sale	3,750	150.00	562,500
Feb. 5	Sale	1,500	150.00	225,000
10	Purchase	54,000	87.50	4,725,000
16	Sale	27,000	160.00	4,320,000
28	Sale	25,500	160.00	4,080,000
Mar. 5	Purchase	45,000	89.50	4,027,500
14	Sale	30,000	160.00	4,800,000
25	Purchase	7,500	90.00	675,000
30	Sale	26,250	160.00	4,200,000

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.

Midnight Supplies Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended March 31
	Purchases	Cost of Goods Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
fill in the blank 10	fill in the blank 11	fill in the blank 12
Jan. 28				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
fill in the blank 19	fill in the blank 20	fill in the blank 21
Jan. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
fill in the blank 28	fill in the blank 29	fill in the blank 30
Feb. 5				fill in the blank 31	fill in the blank 32	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
fill in the blank 37	fill in the blank 38	fill in the blank 39
Feb. 10	fill in the blank 40	fill in the blank 41	fill in the blank 42				fill in the blank 43	fill in the blank 44	fill in the blank 45
fill in the blank 46	fill in the blank 47	fill in the blank 48
fill in the blank 49	fill in the blank 50	fill in the blank 51
Feb. 16				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
fill in the blank 58	fill in the blank 59	fill in the blank 60
fill in the blank 61	fill in the blank 62	fill in the blank 63
Feb. 28				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
fill in the blank 70	fill in the blank 71	fill in the blank 72
fill in the blank 73	fill in the blank 74	fill in the blank 75
Mar. 5	fill in the blank 76	fill in the blank 77	fill in the blank 78				fill in the blank 79	fill in the blank 80	fill in the blank 81
fill in the blank 82	fill in the blank 83	fill in the blank 84
fill in the blank 85	fill in the blank 86	fill in the blank 87
fill in the blank 88	fill in the blank 89	fill in the blank 90
Mar. 14				fill in the blank 91	fill in the blank 92	fill in the blank 93	fill in the blank 94	fill in the blank 95	fill in the blank 96
fill in the blank 97	fill in the blank 98	fill in the blank 99
fill in the blank 100	fill in the blank 101	fill in the blank 102
fill in the blank 103	fill in the blank 104	fill in the blank 105
Mar. 25	fill in the blank 106	fill in the blank 107	fill in the blank 108				fill in the blank 109	fill in the blank 110	fill in the blank 111
fill in the blank 112	fill in the blank 113	fill in the blank 114
fill in the blank 115	fill in the blank 116	fill in the blank 117
fill in the blank 118	fill in the blank 119	fill in the blank 120
fill in the blank 121	fill in the blank 122	fill in the blank 123
Mar. 30				fill in the blank 124	fill in the blank 125	fill in the blank 126	fill in the blank 127	fill in the blank 128	fill in the blank 129
fill in the blank 130	fill in the blank 131	fill in the blank 132	fill in the blank 133	fill in the blank 134	fill in the blank 135
fill in the blank 136	fill in the blank 137	fill in the blank 138
fill in the blank 139	fill in the blank 140	fill in the blank 141
Mar. 31	Balances					$fill in the blank 142			$fill in the blank 143

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Total sales	$fill in the blank 144
Total cost of goods sold	$fill in the blank 145
Gross profit	$fill in the blank 146

3. Determine the ending inventory cost as of March 31.
$fill in the blank 147

◄
Mar. 14
Mar. 25
Mar. 30
Mar. 31 Balances
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total sales
Total cost of goods sold
Gross profit
3. Determine the ending inventory cost as of March 31.
$

Date
Jan. 1
Jan. 10
Jan. 28
Jan. 30
Feb. 5
Feb. 10
Quantity
22,500
Purchases
Unit Cost
85.00
Total Cost
1,912,500
Midnight Supplies
Schedule of Cost of Goods Sold
LIFO Method
For the Three Months Ended March 31
Cost of Goods Sold
Unit Cost
Quantity
000
Total Cost

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