Question: just need the answer for PR7-2A plz label each answer w the corresponding # PR 7-1A. FIFO Perpetual Inventory OBJ. 2, 3 The beginning inventory

just need the answer for PR7-2A plz label each answer w

the corresponding # PR 7-1A. FIFO Perpetual Inventory OBJ. 2, 3 The

just need the answer for PR7-2A plz label each answer w the corresponding #

PR 7-1A. FIFO Perpetual Inventory OBJ. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Per Unit Total Jan 1 s 75.00 Inventory Purchase Number of Units 7.500 22.500 11.250 10 85.00 28 Sale 150.00 $ 562,500 1.912,500 1.687,500 562.500 225.000 30 Sale 3.750 150.00 Feb 5 Sale 1.500 150.00 10 54.000 87.50 4.725,000 Purchase Sale 16 27.000 160.00 4,320,000 4,080.000 28 Sale 25,500 160 00 Mar - 5 Purchase 45.000 4027.500 89.50 160.00 14 Sale 30.000 4,800,000 25 Purchase 90.00 675.000 7.500 26.250 30 Sale 160.00 4,200,000 INSTRUCTIONS W 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. Joumalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account 3. Determine the gross profit from sales for the period. ANSWER $8.983,125 $8.983,125 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? PR 7-2A. LIFO Perpetual Inventory OBJ. 23 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 7.1A INSTRUCTIONS 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4 using the last-in, first-out method 2 Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period ANSWER Gross profit. $8,853,750 3 Determine the ending inventory cost as of March 31

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