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 CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense I need all of the blanks in the photos filled in and the answers to not be cut off.
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 CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense I need all of the blanks in the photos filled in and the answers to not be cut off.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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 | |
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Midnight Supplies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
I need all of the blanks in the photos filled in and the answers to not be cut off.
![FIFO
1 Record the inventory, purchasss, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method.
Date
Purchases
Cost of Merchandise Sold
inventory
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan 1
10
7,200
66.00
475,200
10
28
28
30
1,300
Feb. 5
500
10
17,500
68.00
1,190,000
10
16
16
28
8,000
Mar. 5
14,400
69.60
1,002,240
14
14
25
3,300
70.00
231,000
25
30
7,900
30
31
Balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c89cc18-04af-4526-9496-6a509716cba2%2Fbd570880-584d-4944-b513-a6c59679b194%2Fez65mi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:FIFO
1 Record the inventory, purchasss, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method.
Date
Purchases
Cost of Merchandise Sold
inventory
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan 1
10
7,200
66.00
475,200
10
28
28
30
1,300
Feb. 5
500
10
17,500
68.00
1,190,000
10
16
16
28
8,000
Mar. 5
14,400
69.60
1,002,240
14
14
25
3,300
70.00
231,000
25
30
7,900
30
31
Balances
![Journal
2. Determine the total sales and the total cost of merchandise sold for the period Journalire the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your joumal entry March 31. Refer to the chart of
accounts for the oxact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries CNOW journals will automaticaly indent a credit entry when a credit amount entered
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
DEBIT
CREDIT
ASSETS LIABILITIIRQUITY
Ha 31
Final Questions
2.
a 3. Determine the gross profit from sales for the period.
Is
4. Determine the ending inventory cost as of March 31.
45. Based upon the preceding data, would you expect the inventory using the lastin, first-out method to be higher or lower?
o Lower
Higher](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c89cc18-04af-4526-9496-6a509716cba2%2Fbd570880-584d-4944-b513-a6c59679b194%2Fszbio6i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journal
2. Determine the total sales and the total cost of merchandise sold for the period Journalire the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your joumal entry March 31. Refer to the chart of
accounts for the oxact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries CNOW journals will automaticaly indent a credit entry when a credit amount entered
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
DEBIT
CREDIT
ASSETS LIABILITIIRQUITY
Ha 31
Final Questions
2.
a 3. Determine the gross profit from sales for the period.
Is
4. Determine the ending inventory cost as of March 31.
45. Based upon the preceding data, would you expect the inventory using the lastin, first-out method to be higher or lower?
o Lower
Higher
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