Question
In: Accounting
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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 | 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. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
| Merchandise inventory, March 31 | $fill in the blank 1 |
| Cost of merchandise sold | $fill in the blank 2 |
2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
| Merchandise inventory, March 31 | $fill in the blank 3 |
| Cost of merchandise sold | $fill in the blank 4 |
3. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar.
| Merchandise inventory, March 31 | $fill in the blank 5 |
| Cost of merchandise sold | $fill in the blank 6 |
4. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers.
| FIFO | LIFO | Weighted Average | |
|---|---|---|---|
| Sales | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
| Cost of merchandise sold | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Gross profit | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 |
| Inventory, March 31 | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and...
Periodic inventory by three methods
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...
Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...
Periodic Inventory by Three Methods
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...
Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and...
Periodic inventory by three methods
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
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50
4,027,500...
Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows:DateTransactionNumber of UnitsPer UnitTotalJan.1Inventory7,500$ 75.00$ 562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb.5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale25,500160.004,080,000Mar.5Purchase45,00089.504,027,50014Sale30,000160.004,800,00025Purchase7,50090.00675,00030Sale26,250160.004,200,000Instructions1.Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated inExhibit 3, using the first-in, first-out method.2.Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume...
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...
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