View History Bookmarks Window Help . . . I V ADDGAD coursehero.com DenumanIS C . . . D - > v2.cengagenow.com DEL Ch 7 Homework - Accounting Principles | Section 02F Spring 2024 CO c CengageNOWv2 | Online teaching and learning resource from Cengage Learning Ch 7 Homework eBook Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.5 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 60.00 ,080,000 Mar. 5 Purchase 45,00 89.50 4,027,500 14 Sale 30,000 60.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 1,010,625 Page Cost of merchandise sold 10,891,875 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 881,250 Cost of merchandise sold 11,021,250 Previous Next Check My Work 2 more Check My Work uses remaining. Email Instructor Submit Assignment for Grading All work saved . Assignment Score: 81.9% 24 A F12 O F11 Co 20 O F7 esc Vo a 6 N O P U T Y Rew History Bookmarks Window Help D . coursehero.com . . . D V