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FINANCIAL AND MANAGERIAL ACCOUNTING PR 6-1A FIFO perpetual Inventory

PR 6-1A

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	9,000	$60.00	$540,000
10	Purchase	21,000	70.00	1,470,000
28	Sale	10,250	140.00	1,435,000
30	Sale	5,750	140.00	805,000
Feb 5	sale	3,500	140.00	490,000
10	purchase	39,500	75.00	2,962,500
16	sale	15,000	150.00	2,250,000
28	sale	10,000	150.00	1,500,000
Mar 5	Purchase	25,000	82.00	2,050,000
14	sale	30,000	150.00	884,000
25	purchase	10,000	88.40	884,000
30	sale	19,000	150.00	2,850,000

1. Record Inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to one illustrated in Exhibit 3 using the first-in-first-out method.

2. Determine total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account.