The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows. Complete the instructions.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.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. $_________ LIFO Perpetual InventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:NumberDate Transaction of Units Per UnitTotalJan. 1 Inventory7,500$75.00$562,50010 Purchase22,50085.001,912,50028 Sale11,250150.001,687,50030Sale3,750150.00562,500Feb. 5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale25,500160.004,080,000Mar. 5Purchase45,00089.504,027,50014Sale30,000160.004,800,00025 Purchase7,50090.00675,00030 Sale26,250160.004,200,000Required: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 unitswith 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 Supplior Midnight SuppliesSchedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended March 31PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1Jan. 10Jan, 28Jan. 30Feb. 5Feb. 10Feb. 16Feb. 28Mar. 5Mar. 14Mar. 25Mar. 30Mar. 31Balances2. 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.Check My Work

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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. Complete the instructions.Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual i

a) Record the inventory, purchases and cost of goods sold data in perpetual inventory record: M…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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. Complete the instructions.

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.

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.
$_________

LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Number
Date Transaction of Units Per Unit
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 Supplior

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
Jan. 10
Jan, 28
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
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.
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