Question
In: Accounting
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
| Date | Transaction | Number 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 | ||
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
2,500
$52.00
$130,000
10
Purchase
7,800
60.00
468,000
28
Sale
3,750
104.00
390,000
30
Sale
1,200
104.00
124,800
Feb.
5
Sale
500
104.00
52,000
10
Purchase
17,500
62.00
1,085,000
16
Sale
8,600
109.00
937,400
28
Sale
8,900
109.00
970,100
Mar.
5
Purchase
14,200
63.60
903,120
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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 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...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
2,500
$52.00
$130,000
10
Purchase
7,800
60.00
468,000
28
Sale
3,750
104.00
390,000
30
Sale
1,200
104.00
124,800
Feb.
5
Sale
500
104.00
52,000
10
Purchase
17,500
62.00
1,085,000
16
Sale
8,600
109.00
937,400
28
Sale
8,900
109.00
970,100
Mar.
5
Purchase
14,200
63.60
903,120
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
2,500
$64.00
$160,000
10
Purchase
7,600
72.00
547,200
28
Sale
3,700
128.00
473,600
30
Sale
1,400
128.00
179,200
Feb.
5
Sale
500
128.00
64,000
10
Purchase
18,500
74.00
1,369,000
16
Sale
8,900
133.00
1,183,700
28
Sale
8,500
133.00
1,130,500
Mar.
5
Purchase
15,000
75.60
1,134,000
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
2,500
$70.00
$175,000
10
Purchase
8,000
78.00
624,000
28
Sale
3,800
140.00
532,000
30
Sale
1,250
140.00
175,000
Feb.
5
Sale
500
140.00
70,000
10
Purchase
17,000
80.00
1,360,000
16
Sale
9,100
145.00
1,319,500
28
Sale
8,700
145.00
1,261,500
Mar.
5
Purchase
14,300
81.60
1,166,880
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
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...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
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
2,500
$52.00
$130,000
10
Purchase
7,800
60.00
468,000
28
Sale
3,750
104.00
390,000
30
Sale
1,200
104.00
124,800
Feb.
5
Sale
500
104.00
52,000
10
Purchase
17,500
62.00
1,085,000
16
Sale
8,600
109.00
937,400
28
Sale
8,900
109.00
970,100
Mar.
5
Purchase
14,200
63.60
903,120
14
Sale...
he beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
he 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
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...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month...
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
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...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
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
2,500
$70.00
$175,000
10
Purchase
8,000
78.00
624,000
28
Sale
3,800
140.00
532,000
30
Sale
1,250
140.00
175,000
Feb.
5
Sale
500
140.00
70,000
10
Purchase
17,000
80.00
1,360,000
16
Sale
9,100
145.00
1,319,500
28
Sale
8,700
145.00
1,261,500
Mar.
5
Purchase
14,300
81.60
1,166,880
14...
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