Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and...

 

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Periodic Inventory by Three Methods 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 Per Unit of Units Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 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 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 25 Purchase 30 Sale 7,500 26,250 90.00 160.00 4,800,000 675,000 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 1,010,625 Merchandise inventory, March 31 10,891,875 V Page Cost of merchandise sold $ 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 881,250 $ 11,021,250 Previous N Email Instructor Submit Assignment for 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 1,010,625 10,891,875 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 881,250 11,021,250 3. Determine the inventory on March 31 and the cost of merchandise 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 and final answers to the nearest dollar. Merchandise inventory, March 31 980,975.27 X 10,921,524.7 X Cost of merchandise sold 4. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers. Weighted Average FIFO LIFO Sales 19,875,000 19,875,000 19,875,000 Cost of merchandise sold 10,891,875 11,021,250 10,921,525 X Gross profit 8,983,125 8,853,750 V 8,953,475 X Inventory, March 31 1,010,625 881,250 V 980,975 X Periodic Inventory by Three Methods 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 Per Unit of Units Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 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 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 25 Purchase 30 Sale 7,500 26,250 90.00 160.00 4,800,000 675,000 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 1,010,625 Merchandise inventory, March 31 10,891,875 V Page Cost of merchandise sold $ 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 881,250 $ 11,021,250 Previous N Email Instructor Submit Assignment for 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 1,010,625 10,891,875 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 881,250 11,021,250 3. Determine the inventory on March 31 and the cost of merchandise 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 and final answers to the nearest dollar. Merchandise inventory, March 31 980,975.27 X 10,921,524.7 X Cost of merchandise sold 4. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers. Weighted Average FIFO LIFO Sales 19,875,000 19,875,000 19,875,000 Cost of merchandise sold 10,891,875 11,021,250 10,921,525 X Gross profit 8,983,125 8,853,750 V 8,953,475 X Inventory, March 31 1,010,625 881,250 V 980,975 X