Question: PR 7 - 1 A FIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and sales for a three -

PR 7-1A FIFO perpetual inventory
The beginning inventory at Funky Party Supplies and data on purchases and sales for a
three-month period March 31,2016, are as follows:
Instructions
Record the inventory, purchases, and cost of merchandise sold data in a perpetual
inventory record, using the last-in, first-out method.
Determine the total sales, 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.
Determine the gross profit from sales for the period.
Determine the ending inventory cost as of March 31,2016. WRD 26e_PR 07-1A (1)[Protected View]- Excel
Searc,,,],[,,,,,,,,,],[28,,,,,,,,,],[,,,,,,,,,],[30,,,,,,,,,],[Feb.5,,,,,,,,,],[10,,,,,,,,,],[,,,,,,,,,],[16,,,,,,,,,],[,,,,,,,,,],[28,,,,,,,,,],[Mar.5,,,,,,,,,],[,,,,,,,,,],[14,,,,,,,,,],[,,,,,,,,,],[25,,,,,,,,,],[,,,,,,4,,,],[30,,,,,,,,,],[,,,,,,,,,],[31,

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