the beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31

The beginning inventory at Midnight Supplies and data on purchases and sales for the month period ending March 31 relows Date Number of Units Per Unit TOWN Jan 1 Transaction Inventory Purchase Sale $54,00 62.00 5140470 10 2,600 7,000 3.650 1,300 434000 30 Sale 108.00 108.00 100.00 Feb 5 Sale 415.800 10.400 54,000 1,120.000 500 10 17.500 64.00 Purchase Sale 16 8,700 113.00 983.100 28 Sale 8.500 113.00 971,800 Mar 5 Purchase 14,000 65.60 018 400 FIFO perpetual inventory Chart of Accounts FIFD Journal Final Questions Instructions Feb 5 Sale 500 108.00 54,00 10 Purchase 17,500 8,700 16 54,000 1.120.000 0,100 971.000 113.00 Sale Sale 28 8.500 14.000 113.00 65.60 Mar 5 Purchase Sale 918,400 1.141.300 14 113.00 25 10,100 3,300 7,750 Purchase Sale 6600 217.500 875.750 30 113.00 Instructions 1. Record the inventory purchases, and cost of goods sold out in a perpetual inventory records to the one strated into the first in first-out method Instructions 25 3,300 66.00 Purchase Sale 217,800 875,750 30 7.750 113.00 Instructions 1. Record the inventory, purchases, and cost of goods soll data in a perpetual inventory record similar to the one strated in thing firstin, first-out method 2 Determine the total sales and the total cost of goods sold for the period Jourhalize the entries in the sales and cost of goods 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 account 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 data, would you expect the ending inventory using the last festout method to be higher or lower? Instructions FIFO 1. Record the inventory purchases, and cost of goods solddalina perpetua inventory moord to the onested in the income first in the cost of Goods Sold Unit Cost column and in the inventory Unit Costum Date Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Jan. 1 Unit Cost 7,000 562.00 1434.000 2.000 15400 1140100 FIPO Journal Final Question Instructions FIFO Journa 2. Determine the total sales and the total cost of goods sold for the period Jumalze the entries in the sales and cost of goods sold account Assume and date your journal entry March 31. Refer to the Chart of Accounts for each wording of accounts JOURNAL ACCOUNTING EQUATION DESCRIPTION POSTRES DEBIT CROT WETS ALTER FUITY DATE Mar 31 Mar 31 Mar 31 Mar 31 Chart of Account FIFO Journal Final Questions Instructions FIFO Journal Final Questions 2 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 dat would you expect the ending any using the stated to be higher ower Lower Higher