The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are

Question:

The beginning inventory for 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 5, using the weighted average cost 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 31.


Problem 6-1A.

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:

Number of Units Per Unit Date Transaction Total $ 75.00 $ 562,500 Inventory Purchase Jan. 1 7,500 10 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500


Exhibit 5

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Related Book For  book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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