FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions Journal 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales 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 titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Accounts Receivable 2 Sales 3 Cost of Goods Sold 10,891,875.00 + 4 Inventory Check My Work Previous Next 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 Total Per Unit $ 75.00 Jan. 1 1 Transaction Number of Units Inventory 7,500 Purchase 22,500 $ 562,500 10 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3.750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 4,027,500 Mar. 5 Purchase 45,000 89.50 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. -- Check My Work Previous Next > Email Instructor Save and Exit Submit Assignment for Grading Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 510 Cost of Goods Sold 141 Inventory 515 Credit Card Expense 145 Office Supplies 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 534 Office Supplies Expense 192 Accumulated Depreciation Office Equipment 193 Store Equipment 535 Rent Expense Check My Work Email Instructor Save and Exit Submit Assignment for Grading 7,500 $75.00 $562,500 $562,500 12,500 7,500 $75.00 22,500 $85.00 $1,912,500 7,500 $75.00 3,750 $85.00 $562,500 $318,750 $318,750 18,750 $85.00 $85.00 $85.00 3,750 1,500 $85.00 $127,500 15,000 13,500 13,500 $85.00 $1,593,750 $1,275,000 $1,147,500 $1,147,500 $4,725,000 25,000 $85.00 54,000 $87.50 13,500 $85.00 $1,147,500 $87.50 $1,181,250 40,500 $87.50 13,500 25,500 $87.50 $2,231,250 15,000 $87,50 $3,543,750 $1,312,500 $1,312,500 27,500 15,000 $87.50 45,000 $89.50 $4,027,500 $87.50 15,000 15,000 $1,312,500 $1,342,500 $89.50 30,000 $89.50 $2,685,000 75,000 $89.50 $2,685,000 30,000 7,500 $90.00 $675,000 26,250 $89.50 $2,349,375 3,750 $89.50 $335,625 7,500 $90.00 $675,000 $10,891,875 $1,010,625 Check My Work Previous Next Email Instructor Save and Exit Submit Assignment for Grading