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Use LIFO NOT FIFO please help fill in the missing values!! PR 6-1. Use this data, but complete PR 6-2A below, ie. UFO NOT HFO
Use LIFO NOT FIFO
PR 6-1. Use this data, but complete PR 6-2A below, ie. UFO NOT HFO 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: hstructions 1. fecord the inventory, purchases, and cost of goods sold data in a perpetual inventory fcord similar to the one illustrated in Exhibit 3 , using the first-in, first-out method. 2. Fetermine the total sales and the total cost of goods sold for the period. Joumalize the htries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. fetermine the gross profit from sales for the period. 4. etermine the ending inventory cost as of March 31 . 5. Fised upon the preceding data, would you expect the ending inventory using the last-in, st-out method to be higher or lower? PR 6-2A 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 6-1A. Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March il please help fill in the missing values!!
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