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plz label each question with it's corresponding # Pue Search PR 7-1A. FIFO Perpetual Inventory Annotations Accessibility OBJ. 2,3 The beginning Inventory at Midnight Supplies
plz label each question with it's corresponding #
Pue Search PR 7-1A. FIFO Perpetual Inventory Annotations Accessibility OBJ. 2,3 The beginning Inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Per Unit Jan 1 Transaction Inventory Purchase Number of Units 7,500 22.500 $75 00 TO 8500 Sa 28 30 11,250 150.00 Total 5.562.500 1912 500 1667.500 562.500 225.000 4.725.000 Sale 3.750 150 00 Fab5 Sale 1,500 10 Purchase 150 00 a7 50 54 000 Sale 16 29 27 000 25.500 4320,000 160.00 160.00 4 050 000 Sale Purchase 49.000 0950 Mar 5 14 4027,500 4 800 000 Sale 30 000 7.500 T60.00 90 00 Purchase 675,000 30 Sale 26 250 160 00 4.200.000 INSTRUCTIONS 1 Record the inventory, purchases, and cost of merchandise 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 merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts, Assume that all sales were on account account 3 Determine the gross profit from sales for the period. ANSWER 4 Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? PR 7-2A. LIFO Perpetual Inventory OBJ. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. INSTRUCTIONS 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. ANSWER 3. Determine the ending inventory cost as of March 31Step by Step Solution
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