Obj. 2, 3 PR 6-1A FIFO perpetual inventory 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 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 all sales were on account. 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-in, firstout method to be higher or lower? Financial Statements (Extra Credit: 5 points) Indicate whether each of the following items of information would appear on the income statement, statement of owner's equity, or the balance sheet. Use I to indicate income statement, E to indicate statement of owner's equity, and B to indicate balance sheet. If an item appears on more than one statement, use all letters that apply to than item. 1. Cash on hand 2. Total revenue earned during the accounting period 3. Total expenses incurred during the accounting period 4. Total assets of the business 5. Net income or loss for the accounting period 6. Owner's capital at the end of the period 7. Accounts receivable of the business 8. Accounts payable of the business 9. Book value of the firm's equipment 10. Owner's withdrawals for the accounting period Obj. 2,3 PR 6-2A LIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. PR 6-3A Weighted average cost method with perpetual inventory Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. PR 6-4A Periodic inventory by three methods Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month seriod are shown in Problem 6-1A. nstructions