Instructions Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,600 $140,400 $54.00 10 Purchase 7,000 62.00 434,000 28 Sale 3,850 108.00 415,800 30 Sale 1,300 108.00 140,400 Feb 5 Sale 500 108.00 54,000 10 Purchase 17,500 64.00 1,120,000 16 Sale 8,700 113.00 983,100 28 Sale 8,600 113.00 971,800 Mar 5 Purchase 14,000 65.60 918,400 1,141,300 14 Sale 10,100 113.00 25 Purchase 3.300 66.00 217,800 30 Sale 7,750 113.00 875,750 Instructions 1. Record the inventory purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method Instructions 1. Record the inventory, purchases, and cost of merchandise 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 merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 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 inventory using the last-in, first-out method to be higher or lower? Instructions FIFO 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhib Cost of Merchandise Sold Purchases Date Unit Cost Quantity Unit Cost Total Cost Quantity Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 Previous Next Journal 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 sales were on account and date your journal entry March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOM journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry w 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 inventory using the last-in, first-out method to be higher or lower? Higher Lower