Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I would like some explanation on how to get merch inventory and cost of goods sold I dont really understand how to do it .
I would like some explanation on how to get merch inventory and cost of goods sold I dont really understand how to do it . Also the last question for me is also a little confusing.
Periodic Inventory by Three Methods 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 Inventory 7,500 $75.00 5562,500 1,912,500 10 Purchase 22,500 85.00 28 Sale 11.250 150.00 1,687,500 3,750 150.00 562,500 30 Sale Feb. 5 Sale 10 Purchase 1,500 150.00 225,000 4,725,000 54,000 87.50 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 09.50 4,027,500 4,800,000 Sale 160.00 30,000 7,500 25 Purchase 675,000 90.00 160.00 30 Sale 26,250 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first in, first-out method and the periodic Inventory system Merchandise inventory, March 31 Cost of merchandise sold Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system, Merchandise inventory, March 31 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system Merchandise inventory, March 31 Cost of merchandise sold 3. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic Inventory system. Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar Merchandise inventory, March 31 Cost of merchandise sold 4. Compare the gross profit and the March 31 Inventories, using the following column headings. Enter all amounts as positive numbers FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit inyentory, March 31 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started