Chapter 6 Work Problems eBook Show Me How 7 8 4 5 The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: 1 2 +- 0 Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,700 $50.00 $135,000 10 Purchase 7,300 58.00 423,400 28 Sale 4,050 100.00 405,000 30 Sale 1,200 100.00 120,000 Feb. 5 Sale 500 100.00 50,000 10 Purchase 17,000 60.00 1,020,000 16 Sale 9,200 105.00 966,000 28 Sale 8,000 105.00 840,000 Mar. 5 Purchase 14,300 61.60 880,880 14 Sale 10,300 105.00 1,081,500 25 Purchase 3,200 62.00 198,400 30 Sale 8,000 105.00 840,000 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. Chapter 6 Work Problems eBook Show Me How 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? FIFO > Instructions Chart of Accounts FIFO Journal Final Questions FIFO 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. Under FIFO, if units are in Inventor Sold Unit Cost column and in the inventory Unit Cost column Cost of Goods Sold Date Purchases Unit Cost Total Cost Quantity Total Cost Date Unit Cost Quantity Jan. 1 $58.00 $423,400 10 7300 10 2,700 $50.00 $135,000 28 $ $ 28 $ $ 30 $ $ Feb. 5 $ 10 $ $ 10 $ 16 $ $ 16 Next Check My Work 4:57 PM 3/21/2021 6 DL Type here to search D M McGraw-Hill Conne... Internet Speed Test... structions Chart of Accounts FIFO Journal Final Questions O milar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Goods Inventory Cost of Goods Sold Unit Cost Total Cost Quantity Total Cost Quantity Unit Cost 2,700 $50.00 $135.000 I $135,000 2,700 50 23,400 7,300 $58.00 $423,400 2,700 $50.00 $135,000 $ S $ $ $ $ $ $ $ $ $ $ $ $ S $ $ $ $ $ S Next Check My Work 4:58 PM 3/21/2021 O U e C Type here to search