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need help with my homework this is all one proplem. thanks very much will like answered questions The beginning inventory at Midnight Supplies and data
need help with my homework this is all one proplem. thanks very much will like answered questions
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 3,000 $5600 $168,000 10 Purchase 7,100 6400 454,400 28 Sale 4,200 11200 470,400 30 Sale 1,300 112.00 Feb 5 Sale 145,600 56,000 500 112.00 10 Purchase 66.00 1.221.000 16 Sale 18,500 8.900 8.200 117.00 1,041,300 28 Sale 117.00 959,400 Mar 5 Purchase 14,500 67.60 980,200 14 Sale 10.000 117.00 1.170.000 25 Purchase 3.400 68.00 30 Sale 231,200 936.000 8,000 117.00 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one strated in Exit 3 using the first-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 accountries 3. Determine the gross profit from sales for the penod 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 first-out method to be higher or lower? CHART OF ACCOUNTS Midnight Supplies 2. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue Step by Step Solution
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