eBook Show Me How FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March Date Transaction Per Unit Total Number of Units 3,000 Jan. 1 Inventory $58.00 $168.000 10 Purchase 7,100 64.00 454,400 28 Sale 4.200 112.00 470,400 30 Sale 1.300 112.00 145.600 Feb. 5 5 Sale 500 112.00 56.000 10 Purchase 18.500 86.00 1,221,000 16 Sale 8.900 117.00 1,041.300 28 Sale 8.200 117.00 959.400 Mar on 5 Purchase 14.500 87.60 980.200 14 Sale 10.000 117.00 1.170.000 25 Purchase 3.400 88.00 231,200 30 Sale 8.000 117.00 930,000 Instructions 1. Record the inventory purchases, and cost of goods sold data in a perpetual Inventory record similar to the one i 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 com Assume that all sales were an account and date your journal entry March 31. Refer to the Chart of Accounts for e Check My Work All work saved Power con of good or recome one the free free out for the Fountar al weetcon Unit Contour the entry Un Corcom Date Cost Goods Bold Date Qay Urust Cost Tulos D Cool Tua 1 5 5 9 3 3 #258883 My Val Seareehe eBook Show Me How Journal 2 Determine the total and the total cost of good so for the period Journize the entries the sales and cont of good sok account. Assume that lies were on account and date your the Chart of Accounts for exact wording of account Question not attempted GE 10 JOURUL Score: 0/51 ACCOUNTING EQUATION CREDIT es COUNTY DATE OSCATION F CW Tales were forced her the cost of goods can be done by the tory When www.elcorde wachte wong word of the merchandise only for contesto Chuck My Wall jouma entry for the sale on account and one for the cost of goods sold. Final Questions 3. Determine the gross profit from sales for the period s Feedback Check My Work Sales minus cost of goods sold equals gross profit. 4. Determine the ending inventory cost as of March 34. Feedback Check My Woo The ending inventory is what is left after subtracting the cost of goods sold from the goodi FIFO cost of the ending Inventory Check My Work All work saved