Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a t

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Periodic Inventory By Three Methods The Beginning Inventory At Midnight Supplies And Data On Purchases And Sales For A T 1 (80.5 KiB) Viewed 8 times

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 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 Mar. 25 Purchase 10,000 19,000 150.00 4,500,000 88.40 884,000 150.00 2,850,000 Mar. 30 Sale 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. Inventory, March 31 $ Cost of goods sold $ 9,000 21,000 10,250 5,750 Inventory, March 31 $ 1,010,625 X 7,906,500 X Cost of goods sold $ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s 682,500 X 7,906,500 X Cost of goods sold $ 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 inventory system. Round the weighted average unit cost to the nearest cent. Sales Cost of goods sold Gross profit Inventory, March 31 3,500 Feedback $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 140.00 805,000 682,500 X 7,906,500 X 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. FIFO Weighted Average $ X S $ $ LIFO $ $ $