Date Feb. 5 10 16 Number of Units 500 18,000 9,000 28 Transaction Sale Purchase Sale Sale Purchase Sale Purchase Sale 8,500 Per Unit Total $120.00 $ 60,000 70.00 1,260,000 125.00 1,125,000 125.00 1,062,500 71.60 1,074,000 125.00 1,250,000 72.00 180,000 125.00 1,093,750 Mat. 5 14 25 30 15,000 10,000 2,500 8,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inven- tory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Jour- nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? 2. Gross profit $2,252,250 PR 7-24 LIFO perpetual Inventory 00),2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perperual Inventory record similar to the one illustrated in Exhibit S, using the last-in, first-out 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. method SHOW ME HOW Is Window Help 100% 47 Mon 2:36 P Pr7-1a and 7-2a.pdf (page 2 of 2) Q Search anze uie en mi me sales and cost or merchandise soia accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? 2. Gross profit $2,252,250 PR 7-2A LIFO perpetual inventory OBJ. 2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the last-in, first-out method 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period 3. Determine the ending inventory cost as of March 31, 2016. SHOW ME HOW 1. Purchases Unit Cost Cost of Merchandise Sold Total Quantity Cost Cost Total Cost Unit Date Jan. 1 Quantity Inventory Unit Total Cost Cost $60.00 $ 150,000 $60.00 $ 150,000 $68.00 510,000 10 7,500 $68.00 $ Quantity 2,500 2,500 7,500 510,000 28 30 Feb. 5 10 5 6 7 28 29 30 31 32 33 16 28 Mar. 5 14 35 36 37 38 39 40 41 42 43 44 45 40 47 48 49 50 51 25 30 31 Balances D B Mar. m F G H K 14 25 30 31 Balances 2. Total sales Total cost of goods sold Gross profit + 3. 2 3 Ending Inventory cost 5 -6 Date Feb. 5 10 16 Number of Units 500 18,000 9,000 28 Transaction Sale Purchase Sale Sale Purchase Sale Purchase Sale 8,500 Per Unit Total $120.00 $ 60,000 70.00 1,260,000 125.00 1,125,000 125.00 1,062,500 71.60 1,074,000 125.00 1,250,000 72.00 180,000 125.00 1,093,750 Mat. 5 14 25 30 15,000 10,000 2,500 8,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inven- tory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Jour- nalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? 2. Gross profit $2,252,250 PR 7-24 LIFO perpetual Inventory 00),2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perperual Inventory record similar to the one illustrated in Exhibit S, using the last-in, first-out 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. method SHOW ME HOW Is Window Help 100% 47 Mon 2:36 P Pr7-1a and 7-2a.pdf (page 2 of 2) Q Search anze uie en mi me sales and cost or merchandise soia accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? 2. Gross profit $2,252,250 PR 7-2A LIFO perpetual inventory OBJ. 2,3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the last-in, first-out method 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period 3. Determine the ending inventory cost as of March 31, 2016. SHOW ME HOW 1. Purchases Unit Cost Cost of Merchandise Sold Total Quantity Cost Cost Total Cost Unit Date Jan. 1 Quantity Inventory Unit Total Cost Cost $60.00 $ 150,000 $60.00 $ 150,000 $68.00 510,000 10 7,500 $68.00 $ Quantity 2,500 2,500 7,500 510,000 28 30 Feb. 5 10 5 6 7 28 29 30 31 32 33 16 28 Mar. 5 14 35 36 37 38 39 40 41 42 43 44 45 40 47 48 49 50 51 25 30 31 Balances D B Mar. m F G H K 14 25 30 31 Balances 2. Total sales Total cost of goods sold Gross profit + 3. 2 3 Ending Inventory cost 5 -6
