the begining inventory at midnight supplies and data on purchases and sales for a three-month period ending March 31, are as follow:

Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Total Transaction Inventory Number of Units 7,500 Jan 1 Per Unit $75.00 85.00 10 Purchase 22,500 28 Sale 11,250 150.00 150.00 $562,500 1.912,500 1.687,500 562.500 225.000 4,725,000 30 Sale 3.750 Feb 5 Sale 1,500 150.00 10 Purchase 54.000 87.50 Sale 160.00 16 29 27,000 25,500 Sale 160.00 4,320,000 4,080.000 4,027,500 Mar 5 Purchase 89.50 45.000 30.000 14 Sale 150.00 25 Purchase 7.500 90.00 4.800.000 675.000 4,200.000 30 Sale 26.250 16000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one Allustrated 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 and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of accountilles 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 date, would you expect the inventory using the fast-first-out method to be higher or lower? FIFO 1. Record the inventory purchases, and cost of merchandise old data in a perpetual inventory record similar to the one lustra Purchases Coat of Merch Date Quantity Unit Cost Total Cost Unit Quantity Jan. 1 10 22 500 85.00 1.912.500 Book Show Me How KURS 3. Determine the gross profit om sale for the period 4. Determine the ending inventory costs of March ar 5. Based upon the preceding data, would you expect the inventory using the last food to be higher or FIFO 1. Record the inventory purchases, and cost of merchandise soldata in a perpetual inventory record similar to the one lustra Date Purchases Cost of March Quantity Unit Cost Total Cost Quantity Unit cl Jan. 1 10 22,500 85.00 1.912.500 10 28 7,500 28 3.750 30 Feb. 5 10 10 16 16 28 Mar, 5 5 14 14 25 25 30 30 31 Balances Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger 3. Determine the gross pode from sales for the period 4. Determine the ending Alventory cost as of March 31. 6. Baned upon the preceding data, would you expect the inventory using the best in first cut method to be higher or FIFO one illustrated in Ext 3 using the first in first-out method of Merchandise Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 7,500 562,500 75.00 75.00 7.500 562,500 22 500 85.00 1,912.500 562.500 75.00 85.00 318.750 18.750 85.00 1.590.750 Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS REVENUE 110 Chapter eBook Show Me How Printem Chart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-ice Equipment 193 Store Equipment 194 Accumulated Depreciation Store Equipment EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Series Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary 710 interest Expense 231 Sales Payable 241 fals Tax Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Journal 2. Determine the total sales and the total cost of merchandise sold for the period. Joumalize the entries in the sales and cost or sales were on sccount and date your journal entry March 31. Refer to the Chart or Accounts for exact wording of account nos JOURNAL DATE DESCRIPTION POST. PER DESIT CREDIT Final Questions 3.Demine the gross profit from sales for the period 4. Duemine me ending inventory cost as of March 31. 5. Rased upon the preceding dat would you expect the mentory using the Wester. Best of method to be higher or lower? Higher 0 0 Lower