ases and sales of Wino sales. i Transactions using (a es uses sts to th Units Unit Cost Unit Sale Price perpet ccur if Mar 16 $ 12 1 Beginning 3 Purchase 76 14 cd 10 Sale 56 $ 21 14 Purchase 31 16 QTY 20 Purchase 106 17 26 Sale 131 21 Print Done shield wipers during March: - X Required 1. Assuming. Jonesey Auto Supplies uses the perpetual inventory system, calculate the cost of goods sold during March using (a) the moving-weighted average-cost method and (b) FIFO. (Round all average amounts to the nearest cent.) 2. Now assume Jonesey Auto Supplies uses the periodic inventory system. Calculate the cost of goods sold during March using (a) the weighted average-cost method and (b) FIFO. (Round all average amounts to the nearest cent.) (c) Calculate gross margin for both methods. Which is higher? 3. What do you notice when you compare the FIFO results from requirement 1 and requirement 2? Print Done Jones Auto Suppliers made the following purchases and sales of windshield wipers during March m Click the icon to view the purchases and sales.) Requirement 1. Assuming Jones Auto Supplies in the perpetual entory system, calculate the cost of goods sold daing Marching the mingeighted average comodand FFO Begin with (a) the moving weighted average cool perpetual eventory record (Round unit costs to the nearest cent. Round total costs to the nearest whole dollar. When calculating inventory on hand we the tech as outlined in the text. Rounding issues will occur i alternate methods are used.) Purchases Lint Cost Total Cost of Goods Sold Un OTY Cos! Cost Inventory on Hand Unt Total Cou Com Total Cost QTY Date OTY Mart Mar 3 Mar 10 Mar 14 Mar 20 Enter any number in the edit Molds and then continue to the next question ENG Jonesey Auto Supplies made the following purchases and sales of windshield wipers during March (Click the icon to view the purchases and sales.) Beyond Mar. 20 Mar 26 Totals Now complete (b) the FIFO perpetual inventory record. (Enter the oldest inventory layer first.) Purchases Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot Cost QTY Unit Cost Tot. Cost Mar 1 Mar. 3 Mar. 10 Enter any number in the edit fields and then continue to the next question !! (Click the icon to view the purchases and sales.) Read Mar. 10 Mar 14 Mar 20 Mar 26 Ending Requirement 2. Now assume Jonesey Auto Supplies uses the periodic inventory system Calculate the cost of goods sold durin BGM Requirement 2. Now assume Jonesey Auto Supplies uses the periodic inventory system. Calculate the cost of goods sold during March using (a) the weighted average cost method and (b) FIFO (Round interim calculations to two decimal places. Round your final answer to the nearest whole dollar.) (A) The cost of goods sold under the weighted average-cost method is b) The cost of goods sold under the FIFO method is (e) Calculate gross margin for both methods Which is higher? The grom margin under the weighted average-cout method to The gross margin under the FIFO method is FIFO provides a gross margin because the inventory costs were during this period Requirement 3. What do you notice when you compare the FIFO results from requirement and requirement ? When using FIFO, the cost of goods sold and ending inventory values under the periodic Inventory system are for the perpetual inventory system Enter any number in the edit fields and then continue to the next