Business, 30.03.2020 15:35, rwlockwood1
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 9,800 145.00 1,421,000
25 Purchase 3,000 82.00 246,000
30 Sale 7,900 145.00 1,145,500
Instructions
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 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 that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles.
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost as of March 31.
5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
Answers: 3
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