//v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do Download D2L Homepage - Motlo... Dell YouTube Book IFO perpetual inventory Show Me How Print Item Instructions. Chart of Accounts FIFO General Journal Final Questions FIFO 1. col 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 Transaction Number of Units Per Unit Total Jan. 1 Inventory 9,000 $60.00 $540,000 D 10 Purchase 21,000 70.00 1,470,000 28 Sale 10,250 140.00 1,435,000 Ja 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 10 Purchase 39,500 75.00 2,962,500 16 Sale 15,000 150.00 2,250,000 3 28 Sale 10,000 150.00 1,500,000 Fe Mar. 5 Purchase 25,000 82.00 2,050,000 14 Sale 30,000 150.00 4,500,000 25 Purchase 10,000 88.40 30 Sale 19,000 150.00 884,000 2,850,000 Ma Required: 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your journal entry March 31. 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-in, first-out method to be higher or lower? /v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Download D2L Homepage - Motlo... Dell YouTube Book FO perpetual inventory Show Me How Print Item Instructions Chart of Accounts FIFO General Journal Final Questions FIFO Purchases Cost of goods Sold Q All Other favor Inventory Date Quantity Jan. 1 10 Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost 9,000 $60.00 Total Cost $540,000 21,000 $70.00 $1,470,000 9,000 $60.00 $540,000 10 28 21,000 $70.00 $1,470,000 28 28 28 30 9,000 $60.00 $540,000 1,250 $70.00 $87,500 19,750 $70.00 $1,382,500 30 5,750 $70.00 $402,500 14,000 $70.00 $980,000 Feb. 5 3,500 $70.00 $245,000 10,500 $70.00 $735,000 10 39,500 $75.00 $2,962,500 10,500 $70.00 $735,000 10 39,500 $75.00 $2,962,500 16 25,000 X $70.00 $ 16 10,750 X $75.00 EA $ $ 28 107 $ $ $ $ Mar. 5 25,000 $82.00 $2,050,000 $ 5 S EA 14 14 25 10,000 $88.40 $884,000 25 30 S S S $ $ $ S $ $ S S 30 $ $ $ SA $ SA S 31 Balances $ Feedback Check My Work Shaded cells have feedback. Points: 50/95 FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. Think of your inventory in terms of "layers." The first sale comes from the oldest layer, which is beginning inventory. When deciding which layer to use for costing of the next sale ask yourself: Check My Work Q Search All work saved. A Next Email Instructor Save and Exit Submit Assignment for Grading 9:34 AM 3/5/2024