FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions The beginning inventory at Midnight Supples and data on purchases and sales for a three month period ending March 31 are as follows: Date Jan 1 Transaction Inventory Purchase Number of Units 2,500 8,000 3,800 Per Unit $70.00 10 78.00 Total $175,000 624,000 532,000 175,000 28 Sale 140.00 30 Sale 140.00 Feb 1,250 500 S Sale 140.00 70,000 10 Purchase 17,000 80.00 1,360,000 Sale 16 28 145.00 1,319,500 1,261,500 145.00 Mar. 5 Sale Purchase Sale 9,100 8.700 14,300 9,800 3,000 81.60 145.00 14 25 Purchase 1,166 880 1,421,000 248,000 1.145.500 82.00 30 Sale 7,900 145.00 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one strated 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 mates 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 otles. 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 fout method to be higher or lower Check My Work 1. Macoveitary purchases, and cost of goods sold in application on the first out the under the director with LOWER un cost first in the cost of Good Solent Costco and the story that Colum Date Purchase Cost of Said Date Saraty Unit Cost Totalco Quantity 1 Unit Cost Total Cent Unit Total Cos! 10 S 15 5 90 S 5 $ 3 S 28 29 $ 30 s 15 3 15 15 Foh 5 S 1 $ 5 5 10 15 $ 5 10 5 S 5 5 16 10 20 15 5 S $ $ 13 WS 3 5 S 5 5 5 5 $ $ 10 $ My Work Previous Next 2. Determine the end e balcool grade sold for the period Journal entries in the end of good ok accounts. Assine torrent and date your Must Heterone cheter A react word of Account PAGE 1 JOURNAL ACCOUNTING EQUATION LATE CON POST REF CREDIT DITY Final Questions 3. Determine the gross profit from sales for the period. IS 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 stout method to be higher or lower? O Lower