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

  

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The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units 7,800 $624,000 23,400 2,106,000 11,700 160.00 1,872,000 3,900 160.00 624,000 1,560 160.00 249,600 56,160 92.50 5,194,800 28,080 170.00 4,773,600 26,520 170.00 4,508,400 46,800 94.50 4,422,600 31,200 170.00 5,304,000 7,800 95.00 741,000 27,300 170.00 4,641,000 Date Transaction Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 Inventory Purchase Required: Sale Sale Sale Purchase Sale Sale Purchase Sale 25 30 Sale Purchase Per Unit $80.00 90.00 Total 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one Illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the dollar. Jan. 1 Jan. 10 Jan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar, 30 Mar. 31 Date . 1 1 1 Quantity Balances 23,400 s 56,160 I 46,800 7,800 Purchases Unit Cost 000 Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31 90.00 $ 2,106,000 92.50 94.50 Total Cost 95.00 5,194,800 4,422,600 741,000 Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Unit Cost Quantity 11,700 3,900 1,560 28,080 26,520 31,200 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 27,300 $C | D Total Cost [ Quantity 7,800 Inventory Unit Cost Total Cost Accounting numeric field The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units 7,800 $624,000 23,400 2,106,000 11,700 160.00 1,872,000 3,900 160.00 624,000 1,560 160.00 249,600 56,160 92.50 5,194,800 28,080 170.00 4,773,600 26,520 170.00 4,508,400 46,800 94.50 4,422,600 31,200 170.00 5,304,000 7,800 95.00 741,000 27,300 170.00 4,641,000 Date Transaction Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 Inventory Purchase Required: Sale Sale Sale Purchase Sale Sale Purchase Sale 25 30 Sale Purchase Per Unit $80.00 90.00 Total 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one Illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the dollar. Jan. 1 Jan. 10 Jan. 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar, 30 Mar. 31 Date . 1 1 1 Quantity Balances 23,400 s 56,160 I 46,800 7,800 Purchases Unit Cost 000 Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31 90.00 $ 2,106,000 92.50 94.50 Total Cost 95.00 5,194,800 4,422,600 741,000 Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Unit Cost Quantity 11,700 3,900 1,560 28,080 26,520 31,200 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 27,300 $C | D Total Cost [ Quantity 7,800 Inventory Unit Cost Total Cost Accounting numeric field

Answer rating: 100% (QA)

Date Jan1 jan10 jan28 jan30 Feb5 feb10 feb16 feb28 March5 march14 unit 2... View the full answer