include FIFO and Journal

FIFO perpetual Inventory Instructions 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 Number of Units 2,500 7,600 Jan Total $160,000 1 10 28 30 5 Transaction Inventory Purchase Sale Sale Sale Per Unit $64.00 72.00 128.00 128.00 128.00 3,700 1,400 500 18,500 Purchase Sale 16 8,000 547,200 473,600 179,200 64,000 1,369,000 1,183,700 1,130,507 1,134,000 1,330,000 250,800 1,017,450 28 Sale 8.500 15.000 5 133.00 133.00 75.60 133.00 76.00 133.00 Purchase 14 25 30 Sale Purchase Sale 10,000 3.300 7,650 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 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 is w on mount and date your ournal entry March 31. Refer to the Chart of Armunts for exact wording of mounties Check My Work 4 more Check My Woderemaining 133.00 1,017.456 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one ilustrated 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 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 bites. 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 lastin.first-out method to be higher or lower? FIFO perpetual inventory Instructions Chart of Accounts FIFO Journal Final Questions Final Questions 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 infirst-out method to be higher or lower? Lower Higher 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower