The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 Jan. 10 Purchase 21,000 70.00 $540,000 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 Mar. 14 Sale 30,000 82.00 150.00 4,500,000 2,050,000 Mar. 25 Purchase 10,000 Mar. 30 Sale 19,000 88.40 150.00 884,000 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold s 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold s 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Inventory, March 31 s Cost of goods sold s 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Sales Cost of goods sold FIFO LIFO Weighted Average $ Gross profit $ $ Inventory, March 31 $ The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 Jan. 10 Purchase 21,000 70.00 $540,000 1,470,000 Jan. 28 Sale 10,250 140.00 1,435,000 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 Feb. 10 Purchase 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 Mar. 14 Sale 30,000 82.00 150.00 4,500,000 2,050,000 Mar. 25 Purchase 10,000 Mar. 30 Sale 19,000 88.40 150.00 884,000 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold s 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold s 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Inventory, March 31 s Cost of goods sold s 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Sales Cost of goods sold FIFO LIFO Weighted Average $ Gross profit $ $ Inventory, March 31 $
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Budgeting can help you build an emergency fund. Question 3Answer a. True b. False
-
Record the journal entry to account for employee payroll based on the employee earnings records, and the totals in the payroll register. Book the journal entry on the date paychecks are distributed....
-
The following table shows site type and type of pottery for a random sample of 628 sherds at a location in Sand Canyon Archaeological Project, Colorado. Site Type Mesa Verde Black-on White McElmo...
-
The per-unit cost of an item is its average total cost (5 total cost/quantity). Suppose that a new cell phone application costs $100,000 to develop and only $.50 per unit to deliver to each cell...
-
What is meant by extended process? How does the extended process differ from the traditional operations management view of a process?
-
A liquid solution contains 1 mol of CaCl2 and 25 mol of water. Using data from Pb. 12.37, determine the heat effect when an additional 1 mol of CaCl2 is dissolved isothermally in this solution. In...
-
Assume your U.S. firm currently exports to Mexico on a monthly basis. The goods are priced in pesos. Once material is received from a source, it is quickly used to produce the product in the United...
-
Abbott Corporation does not conduct a complete annual physical count of purchased parts and supplies in its principal warehouse but instead uses statistical sampling to estimate the year- end...
-
riangles with the following sides are right-angled triangles: a 9cm, 40cm, 41 cm b 10 m, 24 m, 26 m c 10, 10, 200 d 11.2, 7.5, 8.3 3 The spiral in the figure is made by starting with a right-angled...
-
What role do regulatory frameworks, such as the Basel Accords, play in establishing minimum capital and liquidity standards for banks' deposit holdings, and how do these standards contribute to...
-
Is Tesla's market value justified? How has Tesla been able to become a key player in an established industry such as the automotive sector? How concerned should Tesla's competitors be? Is the...
-
Weller Company's budgeted unit sales for the upcoming fiscal year are provided below. Budgeted unit sales 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 26,000 27,000 19,000 24,000 The company's...
-
Monique is paid solely by commission on a bi-weekly pay period basis. She has been employed for 5 years and her employment has been terminated. How many pay periods of insurable hours would you...
-
Bonita Industries budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels are planned for the fiscal year of July 1, 2021 to June 30, 2022: June 30. 2022...
-
Sarah is the finance director of Donnata plc and has recently prepared the draft consolidated financial statements of the Donnata group for the year ended 31 December 2019. You are currently the...
-
Classify the following costs as either product (inventoriable) costs or period cost 1.Depreciation on salespersons' cars a.Product cost b.Period cost 2.Rent on equipment used in the factory a.Product...
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
Nutrition Products, Inc., uses a traditional product costing system to assign over- head costs uniformly to all products. To meet Food and Drug Administration require- ments and to assure its...
-
The New York Times reported that Neil Simon planned to open his play London Suite off Broadway. Why? For financial reasons. Producer Emanuel Azenberg predicted the following costs before the play...
-
Agribiz Food Products, Inc. produces a wide variety of food and related products. The companys tomato canning operation relies partly on tomatoes grown on Agribizs own farms and partly on tomatoes...
Study smarter with the SolutionInn App