**Problem Statement**2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.- **Total sales**: $ [Input box] - **Total cost of merchandise sold**: $ [Input box] - **Gross profit from sales**: $ [Input box]3. Determine the ending inventory cost as of March 31.- $ [Input box] **Weighted Average Cost Method with 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:| Date | Transaction of Units | Unit | Total ||----------|----------------------|------|--------------|| Jan. 1 | Inventory 7,500 | $75 | $562,500 || Jan. 10 | Purchase 22,500 | $81 | $1,822,500 || Jan. 28 | Sale 11,250 | $150 | $1,687,500 || Feb. 5 | Sale 3,000 | $150 | $450,000 || Feb. 10 | Purchase 54,000 | $87.50 | $4,725,000 || Feb. 16 | Sale 24,000 | $150 | $3,600,000 || Feb. 28 | Sale 25,500 | $160 | $4,080,000 || Mar. 5 | Purchase 45,000 | $89.50 | $4,027,500 || Mar. 14 | Sale 30,000 | $160 | $4,800,000 || Mar. 25 | Purchase 7,500 | $90 | $675,000 || Mar. 30 | Sale 26,250 | $160 | $4,200,000 |**Required:**1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the weighted average cost method. Round unit cost to two decimal places.**Perpetual Inventory Record Table:***The table consists of columns for purchases, cost of merchandise sold, and inventory, further detailed by date, quantity, unit cost, and total cost.***For example:**- *Purchases* columns include: - Date - Quantity - Unit Cost - Total Cost- *Cost of Merchandise Sold* columns include: - Quantity - Unit Cost - Total Cost- *Inventory* columns include: - Quantity - Unit Cost - Total CostThe transactions are recorded for specific dates beginning January 1st and

Name: **Problem Statement**2. Determine the total sales, the total cost of
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Description: **Problem Statement**2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.- **Total sales**: $ [Input box] - **Total cost of merchandise sold**: $ [Input box] - **Gross profit from sales*

Periodic Inventory- It is one of the methods of inventory valuation that tracks the inventory level…

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Weighted Average Cost Method with 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 Per Date Transaction of Units Unit Total Jan. 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. 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. 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 merchandise 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 decin

Weighted Average Cost Method with 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 Per Date Transaction of Units Unit Total Jan. 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. 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. 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 merchandise 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 decin

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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Domestic
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