-For first post I will need help with the FIFO ,Journal and Final question pls

2)

FIFO perpetual inventory Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Final Questions Date Transaction Number of Units Per Unit Total 3. Determine the gross profit from sales for the period. Jan. 1 2,500 $64.00 $160,000 $ Inventory Purchase 10 7,600 72.00 547,200 28 Sale 3,700 128.00 473,600 4. Determine the ending inventory cost as of March 31. 30 Sale 1,400 128.00 179,200 Feb. 5 Sale 500 128.00 64,000 $ 10 Purchase 18,500 74.00 1,369,000 16 Sale 8,900 133.00 1,183,700 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? 28 Sale 8,500 133.00 1,130,500 Mar. 5 Purchase 15,000 O Lower 75.60 1,134,000 14 Sale 10,000 133.00 1,330,000 O Higher 25 Purchase 3,300 76.00 250.800 30 Sale 7,650 133.00 1,017,450 Instructions 1. Record the inventory, purchases, and cost of merchandise 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 merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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 inventory using the last-in, first-out method to be higher or lower? FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 Inventory 90 $300 $27,000 8 Purchase 180 360 64,800 11 Sale 120 1,000 120,000 30 Sale 75 1,000 75,000 May 8 Purchase 150 400 60,000 10 Sale 90 1,000 90,000 19 Sale 45 1,000 45,000 28 Purchase 150 440 66,000 June 5 Sale 90 1,050 94,500 16 Sale 120 1,050 126,000 21 Purchase 270 480 129,600 28 Sale 135 1,050 141,750 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Rhodes Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 1 O Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 ITO June 16 June 21 June 28 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. Description Post. Ref. Debit Credit Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower