10:16 PM Mon Jun 10 oo @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework Periodic inventory by three methods Instructions 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 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 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 Inctviintinne Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading 10:16PM Mon Jun 10 @ &15%04) @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework N o Periodic inventory by three methods Instructions 1 wiunaos Ur.ou =1 euuuY Sale 160.00 4,320,000 28 Sale 160.00 4,080,000 5 Purchase 89.50 4,027,500 14 Sale 160.00 4,800,000 25 Purchase 90.00 675,000 30 Sale 160.00 4,200,000 Instructions . 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. . 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. . 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 and use that amount in subsequent computations. . Compare the gross profit and the March 31 inventories. Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading 10:16 PM Mon Jun 10 oo @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework Periodic inventory by three methods Instructions FIFO o 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 1$ f the periodic i the periodic thod and the periodic inventory system. Round the weighted average unit cost to the nearest cent and use that amount in subsequent computations. 4. Compare the gross profit and the March 31 inventories. Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading 10:16 PM Mon Jun 10 SN CH TRl @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework N o Periodic inventory by three methods 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 |:' Cost of goods sold \\ 4 f the periodic i the periodic 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 and use that amount in subsequent computations. 4. Compare the gross profit and the March 31 inventories. Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading 10:16 PM Mon Jun 10 oo @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework Periodic inventory by three methods - LIFO | Weighted Average LIFO Weighted Average 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 and use that amount in subsequent computations. Inventory, March 31 |:' Cost of goods sold \\ 4 f the periodic i the periodic thod and the periodic inventory system. Round the weighted average unit cost to the nearest cent and use that amount in subsequent computations. 4. Compare the gross profit and the March 31 inventories. Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading 10:17PM Mon Jun 10 oo @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework Instructions T ev,uuu Final Question 4. Compare the gross profit and the March 31 inventories, using the following column headings. Weighted Average Sales Cost of goods sold Gross profit Inventory, March 31 Check My Work ( Previous Assignment Score: 88.09% All work saved. Email Instructor @ Save and Exit @ Submit Assignment for Grading