Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Gross profit. $5,893,125 PR 6-3A Weighted average cost method with perpetual inventory Obj. 2, 3 The beginning inventory for Midnight Supplies and data on
2. Gross profit. $5,893,125 PR 6-3A Weighted average cost method with perpetual inventory Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three- month period are shown in Problem 6-1A. month period Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. PR 6-1A FIFO perpetual inventory Obj. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- month period ending March 31 are as follows: Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 (Continued)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started