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 2, 600 $58.00 $150,800 10 Purchase 7, 200 66.00 475,200 28 Sale 3,950 116.00 458, 200 30 Sale 1,300 116.00 150, 800 Feb. 5 Sale 500 116.00 58,000 10 Purchase 17,500 68.00 1,190,000 16 Sale 9,200 121.00 1, 113,200 28 Sale 8,000 121.00 968,000 Mar. 5 Purchase 14, 400 69.60 1, 002, 240 14 Sale 10, 100 121.00 1, 222, 100 25 Purchase 3,300 70.00 231,000 30 Sale 7,900 121.00 955,900 Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record, using the first - in, first - out method.
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 2, 600 $58.00 $150,800 10 Purchase 7, 200 66.00 475,200 28 Sale 3,950 116.00 458, 200 30 Sale 1,300 116.00 150, 800 Feb. 5 Sale 500 116.00 58,000 10 Purchase 17,500 68.00 1,190,000 16 Sale 9,200 121.00 1, 113,200 28 Sale 8,000 121.00 968,000 Mar. 5 Purchase 14, 400 69.60 1, 002, 240 14 Sale 10, 100 121.00 1, 222, 100 25 Purchase 3,300 70.00 231,000 30 Sale 7,900 121.00 955,900 Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record, using the first - in, first - out method.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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 2, 600 $58.00 $150, 800 10 Purchase 7,200 66.00 475,200 28 Sale
3,950 116.00 458, 200 30 Sale 1,300 116.00 150, 800 Feb. 5 Sale 500 116.00 58,000 10 Purchase
17,500 68.00 1, 190, 000 16 Sale 9, 200 121.00 1, 113, 200 28 Sale 8, 000 121.00 968, 000 Mar. 5
Purchase 14, 400 69.60 1,002, 240 14 Sale 10, 100 121.00 1, 222, 100 25 Purchase
3,300 70.00 231,000 30 Sale 7,900 121.00 955, 900 Record the inventory, purchases, and cost of
goods sold data in a perpetual inventory record, using the first - in, first-out method.
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