The beginning inventory of merchandise at Chris Smith Co. and data on purchases and sales for a two-month period are as follows:

Instructions
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, on page 310, using the FIFO method.
2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost.
5. Record the entry necessary when the inventory count is $175,200 at the end of April.

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Per Number of Units 60 120 80 50 100 50 Date Transaction Unit $1,500 1,800 5, D00 5,D00 2, DOD 5,000 Total S 90,000 216,000 400,000 250,000 200,000 300,000 Mar 3 Inventory 8 Purchase 11 Sale 30 Sale Apr. 8 Purchase 10 Sale