The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...

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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 Number of Units Per Unit Total Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase 9,000 21,000 10,250 $60.00 70.00 140.00 140.00 5,750 3,500 39,500 15,000 10,000 150.00 1,500,000 25,000 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 19,000 150.00 2,850,000 Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out metho periodic inventory system. 805,000 490,000 2,962,500 150.00 2,250,000 140.00 $540,000 1,470,000 1,435,000 75.00 82.00 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are Number of Units Per Unit Total Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase 9,000 21,000 10,250 $60.00 70.00 140.00 140.00 5,750 3,500 39,500 15,000 10,000 150.00 1,500,000 25,000 2,050,000 Mar. 14 Sale 30,000 150.00 4,500,000 Mar. 25 Purchase 10,000 88.40 884,000 19,000 150.00 2,850,000 Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out metho periodic inventory system. 805,000 490,000 2,962,500 150.00 2,250,000 140.00 $540,000 1,470,000 1,435,000 75.00 82.00

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Here are the calculations using the FIFO method for the periodic inventory system Beginning inventory Jan 1 Units 9000 Cost per unit 60 Total cost 900... View the full answer