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first two pictures are information, just need the answer to the third picture, the total sales and gross profit Purchases Cost of Merchandise Sold Inventory
first two pictures are information, just need the answer to the third picture, the total sales and gross profit
Purchases Cost of Merchandise Sold Inventory Date 2016 Unit Cost Quantity Total Cost Unit Cost Total Cost Unit Cost Total Cost Quantit Quandity Jan. 1 10 7.5.00 SOLO 2,500 2.500 7.500 60 6,0 28 3.750 255.000 30 1.250 85 3.750 225.00 2.500 225.00 2.000 68 60 68 Feb. 5 500 68 34.00 10 13.00 20 260.000 60 68 70 150,000 15.01.20 510.000 150.000 255.000 150.000 170,000 150.000 136,000 150.000 136,000 1.260.000 150.000 126.000 630.000 150.000 136.000 35.000 150.00 126.000 35.00 1.074.000 150MM 16 9.00 20 2,000 18.000 2.500 2.000 9.000 2.500 20.00 500 2.500 63.0.0.0.0 70 28 8.5.2002 20 595.000 Mar. 5 150.00 107.00 70 60 68 70 71.6 14 216 760 500 15.000 2.500 2.000 5.000 25 2.500 NO 20 2.0 5.00 SAM 2.500 2.50 2502 350.00 358.000 SOUDA 1360 3SAMO LES 180.00) 150.00 35.000 72 30 50 SO 750 70 6 358 35 51.000 2.939,000 31 Balances 235,000 sales for 10 PR 7-1A FIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and three-month period ending March 31, 2016, are as follows: Number Per Date Transaction of Units Unit Total 1-Jan Inventory 2,500 $60 150,000 10 Purchase 7,500 68 510,000 28 Sale 3,750 120 450,000 30 Sale 1,250 120 150,000 5-Feb Sale 500 120 60,000 Purchase 18,000 70 1,260,000 16 Sale 9,000 125 1,125,000 28 Sale 8,500 125 1,062,500 5-Mar Purchase 15,000 71.6 1,074,000 14 Sale 10,000 125 1,250,000 25 Purchase 2,500 72 180,000 30 Sale 8,750 125 1,093,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize 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. PR 7-2A LIFO perpetual inventory 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, 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. wannen Reeve M & Ducha, rol Accounting (26) Boston, MA Centar Focus Total Sales Total Cost of Merchandise Sold Gross Profit 2,939,000 Step by Step Solution
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