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 Jan. Feb. Mar. 1 Inventory Purchase 10 28 Sale Sale 5 Sale 30 10 5 Transaction Number of Units 2,500 8,000 3,800 1,250 500 16 Sale 28 Sale 14 25 30 Purchase Purchase Sale Purchase Sale 17,000 9,100 8,700 14,300 9,800 3,000 7,900 Per Unit $70.00 78.00 140.00 140.00 140.00 80.00 145.00 145.00 81.60 145.00 82.00 145.00 Total $175,000 624,000 532,000 175,000 70,000 1,360,000 1,319,500 1,261,500 1,166,880 1,421,000 246,000 1,145,500 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.

The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Instructions 1. Record the inventary, purchases, and cost of goods sold data in a poppofual inventory record similar to the one illustrated in Extibat 3, using the first-in first-out method