Answer Happy

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: Number of Units Per Unit Total Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000
1. Determine the inventory on March 31 and the cost of goods sold for the three-month periad, using the first-in, first-out method and the periodic inventory ystem Inventory, March 311 Cost of goods sold f 2. Determine the inventory on March 31 and the cast of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 Cest of grods sold s 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventary system Round the weighted average unit cost to the nearest cent Inventory, March 31 Cost of goods sold Compare the gross pront and the March 31 inventories, using the following column headings. For those boses in which you must enter subtracted or negative numbers use a minus sign. FIFO LIFO Weighted Average Sales Cost of goods sold Gross prof Inventory, March 31