The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units 7,800 $624,000 23,400 2,106,000 11,700 160.00 1,872,000 3,900 160.00 624,000 1,560 160.00 249,600 56,160 92.50 5,194,800 28,080 170.00 4,773,600 26,520 170.00 4,508,400 46,800 94.50 4,422,600 31,200 170.00 5,304,000 7,800 95.00 741,000 27,300 170.00 4,641,000 Date Transaction Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 Inventory Purchase Required: Sale Sale Sale Purchase Sale Sale Purchase Sale 25 30 Sale Purchase Per Unit $80.00 90.00 Total 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. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the dollar. Jan. 1 Jan. 10 Jan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar, 30 Mar. 31 Date . 1 1 1 Quantity Balances 23,400 s 56,160 I 46,800 7,800 Purchases Unit Cost 000 Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31 90.00 $ 2,106,000 92.50 94.50 Total Cost 95.00 5,194,800 4,422,600 741,000 Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Unit Cost Quantity 11,700 3,900 1,560 28,080 26,520 31,200 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 27,300 $C | D Total Cost [ Quantity 7,800 Inventory Unit Cost Total Cost Accounting numeric field The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units 7,800 $624,000 23,400 2,106,000 11,700 160.00 1,872,000 3,900 160.00 624,000 1,560 160.00 249,600 56,160 92.50 5,194,800 28,080 170.00 4,773,600 26,520 170.00 4,508,400 46,800 94.50 4,422,600 31,200 170.00 5,304,000 7,800 95.00 741,000 27,300 170.00 4,641,000 Date Transaction Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 Inventory Purchase Required: Sale Sale Sale Purchase Sale Sale Purchase Sale 25 30 Sale Purchase Per Unit $80.00 90.00 Total 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. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the dollar. Jan. 1 Jan. 10 Jan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar, 30 Mar. 31 Date . 1 1 1 Quantity Balances 23,400 s 56,160 I 46,800 7,800 Purchases Unit Cost 000 Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31 90.00 $ 2,106,000 92.50 94.50 Total Cost 95.00 5,194,800 4,422,600 741,000 Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Unit Cost Quantity 11,700 3,900 1,560 28,080 26,520 31,200 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 27,300 $C | D Total Cost [ Quantity 7,800 Inventory Unit Cost Total Cost Accounting numeric field
Expert Answer:
Answer rating: 100% (QA)
Date Jan1 jan10 jan28 jan30 Feb5 feb10 feb16 feb28 March5 march14 unit 2... View the full answer
Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
Students also viewed these accounting questions
-
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Problem 7-1A Instructions 1. Record the inventory, purchases, and...
-
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...
-
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. Determine the inventory on March 31 and the cost of...
-
If a quantity is measured to be Q and its exact value is A, then the relative error in Q is If the exact value is A = 35 and you want the relative error in Q to be less than or equal to 0.02 (or 2%),...
-
Consider three independent cases for the cash flows of 424 Promenade Shoes. For each case, identify from the statement of cash flows how 424 Promenade Shoes generated the cash to acquire new plant...
-
Estimate the mean distance travelled by a resonance produced in a reaction like (3.26a) with = E/m 10, before it decays by a process like (3.26b). Compare this with the shortest distance that can...
-
Top managers of Bernard Associates are reviewing company perfor- mance for 2009. The income statement reports a 15% increase in net income, which is outstanding. The balance sheet shows modest...
-
Flores Chemical Co. recorded costs for the month of $18,900 for materials, $44,100 for labor, and $26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and...
-
Discuss the characteristics of each global HRM staffing model. Conclude by stating which global staffing model you think might be most effective and why. Discuss with a specific country example how...
-
Kenmare Architects Ltd. (KAL) was incorporated and commenced operations on January 1, 2014. Sheila Kenmare, the company's only employee, consults with various clients and uses expensive equipment to...
-
Rearrange this equation to isolate c. a = b -(-) C =
-
Consider an investor who purchases a Treasury inflation-indexed bond with an original principal amount of $1,000, a 5.750 percent annual coupon rate (coupon is paid semiannually), and 30 years to...
-
A given highway turn has a 110 km/h speed limit and a radius of curvature of 1.35km. What banking angle (in degrees) will prevent cars from sliding off the road, assuming everyone travels at the...
-
Why is the MBTI important to understand people, lead them and manage them and the resources they work with? Why might some people think this does not matter?
-
Graglia, Lino A. "Roundtable: The Supreme Court As a Political Institution--Do Judges Have a Policy-Making Role in the American System of Government." Harv. JL & Pub. Pol'y 17 (1994): 119. Klein,...
-
Selene and Rita are both engineers at a highly innovative technology company. They are both very creative people. Selene has 15 years of engineering background, a high need for achievement and strong...
-
Suppose individuals A and B start with endowments (3,7) and (7,3),respectively. *Please answer all parts of the question including #5,6,7,8,9,10,11* Draw the Edgeworth box and label the initial...
-
Explain five different cases of income exempt from tax with clear examples.
-
On the first day of the fiscal year, a company issues an $8,600,000, 11%, five-year bond# that pays semiannual interest of $473,000 ($8,600,000 11% ), receiving cash of $8,932,035. Journalize the...
-
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: The following selected...
-
The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciationequipment account is $2,134,000. a. What is the book value of the equipment? b. Does the balance in...
-
Name the three procedures the auditor uses to obtain an understanding of relevant internal control policies and procedures.
-
Describe the inherent limitations of internal control.
-
The understanding of internal control that relates to an assertion should be used to take three actions. Name these three actions.
Study smarter with the SolutionInn App