The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.

Instructions

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.

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.

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.

4. Compare the gross profit and the March 31 inventories, using the following column headings:

Problem 6-1A.

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:

 

Weighted Average FIFO LIFO Sales Cost of goods sold Gross profit Inventory, March 31