The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,700 $72.00 $554,400 10 Purchase23,100 82.00 1,894,200 28 Sale11,550 144.00 1,663,200 30 Sale3,850 144.00 554,400 Feb. 5 Sale1,540 144.00 221,760 10 Purchase55,440 84.50 4,684,680 16 Sale27,720 154.00 4,268,880 28 Sale26,180 154.00 4,031,720 Mar. 5 Purchase46,200 86.50 3,996,300 14 Sale30,800 154.00 4,743,200 25 Purchase7,700 87.00 669,900 30 Sale26,950 154.00 4,150,300 Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

Name: The beginning inventory for Midnight Supplies and data on purchases an
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Description: The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,700 $72.00 $554,400 10 Purchase23,100 82.00 1,894,200 28 Sale11,550 144

Formula: Total cost of goods sold = number of units sold x cost price per unit. Number of units sold…

Answered: The beginning inventory for 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 for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

Date	Transaction	Number of Units	Total
Jan. 1	Inventory	7,700	$72.00	$554,400
10	Purchase	23,100	82.00	1,894,200
28	Sale	11,550	144.00	1,663,200
30	Sale	3,850	144.00	554,400
Feb. 5	Sale	1,540	144.00	221,760
10	Purchase	55,440	84.50	4,684,680
16	Sale	27,720	154.00	4,268,880
28	Sale	26,180	154.00	4,031,720
Mar. 5	Purchase	46,200	86.50	3,996,300
14	Sale	30,800	154.00	4,743,200
25	Purchase	7,700	87.00	669,900
30	Sale	26,950	154.00	4,150,300

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

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