Question: PROBLEM 7-1A Complete this problem using FIFO Periodic Inventory System Date Transaction Number of Units Per unit cost Total 1) What are the total sales

PROBLEM 7-1A Complete this problem using FIFO Periodic Inventory System Date Transaction Number of Units Per unit cost Total 1) What are the total sales for the period? Jan 1 Inventory 7,500 75.00 562,500 2) What is total cost of merchandise sold for the period? Jan 10 Purchase 22,500 85.00 1,912,500 3) Journalize the sales and cost of goods sold. Assume all sales are on account. Jan 23 Sale 11,250 150.00 1,687,500 4) Determine the gross profit. Jan 30 Sale 3,750 150.00 562,500 5) Determine the cost of ending inventory @ March 31. Feb 5 Sale 1,500 150.00 225,000 Feb 10 Purchase 54,000 87.50 4,725,000 Feb 16 Sale 27,000 160.00 4,320,000 Feb 28 Sale 25,500 160.00 4,080,000 March 5 Purchase 45,000 89.50 4,027,500 March 14 Sale 30,000 160.00 4,800,000 March 25 Purchase 7,500 90.00 675,000 March 30 Sale 26,250 160.00 4,200,000

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