Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please make sure answers are not cropped. thank you! Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,500 $64.00 $160,000 10 Purchase
please make sure answers are not cropped. thank you!
Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,500 $64.00 $160,000 10 Purchase 7,600 72.00 547 200 28 Sale 3,700 128.00 473,600 30 Sale 1,400 128.00 179,200 Feb. 5 Sale 500 128.00 64,000 10 Purchase 18,500 74.00 1,369,000 16 Sale 8,900 133.00 1,183,700 28 Sale 8,500 133.00 1,130,500 Mar. 5 Purchase 15,000 75.60 1,134,000 14 Sale 10,000 133.00 1,330,000 25 Purchase 3,300 76.00 250,800 1,017,450 30 Sale 7,650 133.00 . 2. Determine the total sales and the total cost of goods sold for the period. Journal the entries in the sales and cost of goods sold accounts. Assum the all sales were on account and date your journal entry March 32. Refer to the chart of counts for cart wording of accounts JOURNAL ACCOUNTINGEN DATE 1 1 3. Determine the gross profit from sales for the period. $ 4. Determine the ending inventory cost as of March 31. S. Based upon the preceding data, would you expect the ending inventory using the instein, first out method to be higher or lower? Higher Lower Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started