only provide the total number of units in ending inventory and the total value of the ending inventory, only do FIFO.

Chapter 7 Inventories 385 Determine the ending inventory cost as of March 31. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? R 7-24 LIFO perpetual inventory OBJ. 2, 3 he beginning inventory at Midnight Supplies and data on purchases and sales for a nree-month period are shown in Problem 7-1A. nstructions 1. Record the inventory, purchases, and cost of merchandise 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 merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31. We've updated our read aloud feature! PR 7-3A Weighted average cost method with perpetual inventory The beginning inventory for Midnight Sunplies and data on purchases and Lour website. By using our site, you are agreeing to our Cookie Policy. Accept & Close 1A FIFO perpetual inventory beginning inventory at Midnight Supplies and data on purchases -month period ending March 31, are as follows: Date Number of Units Per Jan. 1 Transaction Inventory Purchase Sale 7,500 22,500 11,250 Feb. 5 Sale Sale 3,750 Purchase 1,500 54,000 Sale Sale Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 27,000 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Mar. 5 Purchase Sale 25,500 45,000 30,000 7.500 26,250 Purchase Sale 30 structions Record the inventory, purchases, and cost of merchandise sold data in a per inventory record similar to the one illustrated in Exhibit 3, using the first-in, fire method. Determine the total sales and the total cost of merchandise sold for the period. . nalize the entries in the sales and cost of merchandise sold accounts. Assume thar sales were on account. Determine the gross profit from sales for the period