Business, 03.06.2020 01:57, aj12381

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 total sales, the total cost of goods sold, and the gross profit from sales for the period.
2. Determine the ending inventory cost as of March 31.

Answers: 1

Show answers

Answers

answered: 197224

Total Sales $19875,000

Cost Of Goods Sold: $ 11902,000

Gross Profit $ 7973,000

Ending Inventory 11,250 units

Explanation:

Midnight Supplies

DATA

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 3 0,000 160.00 4,800,000

25 Purchase 7,500 90.00 675,000

30 Sale 26,250 160.00 4,200,000

Total Sales $19875,000

Date Transaction Number of Units Per Unit Total

Jan.

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

16 Sale 27,000 160.00 4,320,000

28 Sale 25,500 160.00 4,080,000

Mar 14 Sale 3 0,000 160.00 4,800,000

30 Sale 26,250 160.00 4,200,000

Total Sales 125250 19875,000

Cost Of Goods Sold:$ 11902,000

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

Feb 10 Purchase 54,000 87.50 4,725,000

Mar. 5 Purchase 45,000 89.50 4,027,500

25 Purchase 7,500 90.00 675,000

Total 136,500 $ 11902,000

Gross Profit = Sales Less COGS

= $19875,000- $ 11902,000

= $ 7973,000

2. Ending Inventory = Units Purchased Less Units Sold

= 136,500-125250 = 11,250 units

answered: Guest

oof

explanation:

answered: Guest

hi there,

do u need ? ?

thx

Other questions on the subject: Business

Business, 21.06.2019 20:50, victory08

Your goal is to have $2,000,000. you have a total of $40,000 today. you invest the $40,000 and want to add to it each month. at 10% annual interest, how much do you need to invest each month in order to bring the total up to $2,000,000 30 years from now?

Answers: 2

continue

Business, 22.06.2019 05:30, adazeb2003

Find a company that has followed a strong strategic direction- state that generic strategy and the back-up points to support your position.

Answers: 1

continue

Business, 22.06.2019 08:00, shatj960

Suppose the number of equipment sales and service contracts that a store sold during the last six (6) months for treadmills and exercise bikes was as follows: treadmill exercise bike total sold 185 123 service contracts 67 55 the store can only sell a service contract on a new piece of equipment. of the 185 treadmills sold, 67 included a service contract and 118 did not.

Answers: 1

continue

Business, 22.06.2019 17:30, lanamiami

After the embarrassing sign incident at the restaurant you own, you decide to offer employees a six-week fundamental writing skills workshop. a local business communication instructor, who has experience teaching writing skills at treleaven community college, will facilitate the sessions. to encourage employees to attend these optional sessions, write an email that explains why you’re offering the workshop and why employees should participate.

Answers: 2

continue

Do you know the correct answer?

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month perio...