FIFO perpetual inventory Instruction 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 31 are as follows: Date Transaction Number of Units Per Unit Total Jan 1 2,500 Inventory Purchase $160.000 10 564.00 72.00 7,600 647,200 28 Sale 3.700 128.00 473,000 30 Sale 1.400 128.00 179,200 Feb 5 Sale 500 128.00 84,000 10 Purchase 18,500 74.00 1,369,000 10 Sale 8,900 133.00 1.183.700 28 Sale 8,500 133.00 1.130,500 Mar 5 Purchase 15,000 75.60 14 Sale 1,134,000 1330,000 133.00 25 Purchase 10.000 3,300 7,650 250.800 30 76.00 133.00 Sale 1,017,450 Instructions 1. Record the inventory purchases and cost of goods sold dala in a perpetua inventory record similar to the one lustrated in Enot using the first in tout method Check My Work All work saved FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions FIFO Record the inventory purchases, and cost of goods sold data in a perpetual inventory record similar to the one ilustrated in Exchibit 3 using the first in first-out method. Und he Inventory Unit Cost column Date Purchases Date Quantity Unit Cost Jan 1 Total Cost Cost of Goods Sol 10 Quantity 7,600 Unit Cost 10 $72.00 5547 200 28 28 30 Feb. 5 $84.0 2.500 7.600 X 5 $ 10 18,500 10 $74.00 $1,300,000 5 10 10 5 28 Mar 5 5 15.000 $ $75,00 51.134.000 5 Check My Work All work saved . the first first-out method Under FFO, funits are in inventory at two different costs, enter the units with the LOWER contain the cost of Goods Sold One Columns Seaded cela have feedback Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost 2.500 504.00 2.5007 7,000 304.00 0 0 $100,000 $100.000 5547200 504.00 37200 $100,000 3100,000 5 5 5 S S 5 5 $ 3 5 3 3 S Next FIFO w a* FIFO TE L.VOM COM 000 14 AD 1 300 ADRES 10 30 1/500 31 - www Wwwww FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions FIFO Journal 2 Determine the total sales and the total cost of goods sold for the period. Joumalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account Accounts for exact wording of account titles Question not attempted JOURNAL PAGE 10 DATE Score: 0/5 DOCTION ACCOUNTING EQUATION Mar 31 Accounts Receivable POSTRE DOIT CREDIT ASSETS LIABILITIES COUNTY Sales Mar 31 Cost of Goods Sold Inventory FIFO means that the first units purchased are assumed to be the first to be sold. Therefore ending inventory is made up of the most recent purchases Think of your inventory in terms Check My Work Instructions Chart of Accounts FIFO Journal Final Questions FIFO Journal Final Questions 2 Ad 3. Determine the gross profit from sales for the period. ^ P Feedback Check My Work Sales minus cost of goods sold equals gross profit CITEC Tone FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most re Check My Work Show Me How FIFO perpetual inventory ETA... Instructions Chart of Accounts FIFO Journal Final Questions FIFO Journal Final Questions 2 Feedback Ad Check My Work Sales minus cost of goods sold equals gross profit. 4 Determine the ending inventory cost as of March 31, $ Feedback TEC Tone FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up Check My Work All work saved