Question: Please help me solve this entire accounting problem if possible! ( a ) Determine the inventory on March 3 1 and the cost of goods
Please help me solve this entire accounting problem if possible!
a Determine the inventory on March and the cost of goods sold for the threemonth period, using the firstin firstout method and the periodic inventory system.
Inventory, March
fill in the blank of
$
Cost of goods sold
fill in the blank of
$
b Determine the inventory on March and the cost of goods sold for the threemonth period, using the lastin firstout method and the periodic inventory system.
Inventory, March
fill in the blank of
$
Cost of goods sold
fill in the blank of
$
Determine the inventory on March and the cost of goods sold for the threemonth period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
Inventory, March
fill in the blank of
$
Cost of goods sold
fill in the blank of
$
Compare the gross profit and the March inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
d Line Item Description
FIFO
LIFO
Weighted Average
Sales
$
fill in the blank
$
fill in the blank
$
fill in the blank
Cost of goods sold
fill in the blank
fill in the blank
fill in the blank
Gross profit
$
fill in the blank
$
fill in the blank
$
fill in the blank
Inventory, March
$
fill in the blank
$
fill in the blank
$
fill in the blank
The beginning inventory at Midnight Supplies and data on purchases and sales for a threemonth period ending March are as follows: Determine the inventory on March and the cost of goods sold for the threemonth period, using the firstin firstout method and the periodic inventory system.
Inventory, March $
Cost of goods sold $
Determine the inventory on March and the cost of goods sold for the threemonth period, using the lastin firstout method and the periodic inventory system.
Inventory, March $
Cost of goods sold $
Determine the inventory on March and the cost of goods sold for the threemonth period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
Inventory, March
Cost of goods sold $
Compare the gross profit and the March inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
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