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The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Transaction Number of Units Per Unit $75.00 7,500 22,500 11,250 3,750 1,500 54,000 Jan. Feb Date Mar 1 Inventory 10 Purchase 28 30 5 10 16 28 5 14 25 30 Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale 27,000 25,500 45,000 30,000 7,500 26,250 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562.500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 2, using the first-in, first-out method 1. Record the inventory purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibt 3 using the first-in first-out method. Under FIFO, if units are LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column Date Date Jan. 1 10 10 28 26 30 Feb. 5 10 10 16 16 28 Mar 5 Quantity 22,500 $4,000 45.000 Purchases Unit Cost $85.00 187.50 $89.50 Total Cost $1,012,500 $4,725,000 $4,027,500 Quantity 3,750 Cost of goods Sold 1 Unit Cost Total Cost Quantity 7,500 7,500 22,500 Total Cost $1,912,500 $4,725,000 $4,027,500 Quantity 3,750 Cost of goods Sold Unit Cost $ $ S $ $ $ B $ S S $ $ 1 Total Cost Quantity 7,500 7,500 22,500 inventory Unit Cost $75.00 $75.00 $85.00 $85.00 S $ $85.00 $85.00 $85.00 $87.50 S 1 S $87.50 $ $87.50 S 1 $87.50 $89.50 Total Cost $562,500 $562,500 $1,912,500 Next. 10 10 28 28 30 Feb. 5 10 10 16 16 26 Mar 5 5 14 14 25 25 30 30 31 Y Balances 22,500 54,000 45,000 7,500 $85.00 $87.50 180.50 $90.00 $1,912,500 $4,725,000 $4.027,500 A $675,000 v 3,750 $ 1 1 $ $ S S 7,500 22.500 $1,912,500 $4,725,000 $4,027,500 $675,000 3,750 S $ $ $ S $ 5 $ $ $ $ $ $ $ S $ 7,500 22.500 $75.00 $85.00 $85.00 $85.00 $85.00 $85.00 $87.50 * $ 1 $87.50 S $87.50 1 $87.50 $ $89.50 $ $39.50 $89.50 $90.00 $ s S S S S $ 1 $562,500 $1,912,500 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 and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. 1 DATE DESCRIPTION JOURNAL POST. REF DEBIT Score: 0/51 CREDIT PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY Points: 0/10 hart of Accounts ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable: 131 Notes Receivable 132 Interest Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense Final Questions 3. Determine the gross profit from sales for the period. S Shaded cells have feedback Points: 0/1