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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: Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Number of Units Per Unit Total 9,000 21,000 10,250 $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 5,750 140.00 805,000 490,000 3,500 140.00 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 82.00 2,050,000 Mar. 5 Purchase 25,000 Mar. 14 Sale Mar. 25 Purchase 30,000 150.00 4,500,000 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 method and the periodic inventory system. Inventory, March 31 s 11,000 X 6,934,100 X Cost of goods sold $ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold $ Inventory, March 31 s Cost of goods sold s 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.

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: Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Number of Units Per Unit Total 9,000 21,000 10,250 $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 5,750 140.00 805,000 490,000 3,500 140.00 39,500 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 82.00 2,050,000 Mar. 5 Purchase 25,000 Mar. 14 Sale Mar. 25 Purchase 30,000 150.00 4,500,000 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 method and the periodic inventory system. Inventory, March 31 s 11,000 X 6,934,100 X Cost of goods sold $ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 s Cost of goods sold $ Inventory, March 31 s Cost of goods sold s 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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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 of Units Per Unit Total Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale 9,000 21,000 10,250 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 140.00 490,000 3,500 39,500 Feb. 10 Purchase 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase. 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 Mar. 25 Purchase 150.00 4,500,000 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 method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 11,000 X 6,934,100 X Inventory, March 31 $ Cost of goods sold $ $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 Inventory, March 31 $ Cost of goods sold $ 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Sales Cost of goods sold Gross profit Inventory, March 31 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use FIFO Weighted Average $ $ $ $ LIFO $ $ minus sign.
Transcribed Image Text: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 of Units Per Unit Total Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale 9,000 21,000 10,250 Jan. 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 140.00 490,000 3,500 39,500 Feb. 10 Purchase 75.00 2,962,500 Feb. 16 Sale 15,000 150.00 2,250,000 Feb. 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase. 25,000 82.00 2,050,000 Mar. 14 Sale 30,000 Mar. 25 Purchase 150.00 4,500,000 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 method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 11,000 X 6,934,100 X Inventory, March 31 $ Cost of goods sold $ $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 Inventory, March 31 $ Cost of goods sold $ 3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Sales Cost of goods sold Gross profit Inventory, March 31 4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use FIFO Weighted Average $ $ $ $ LIFO $ $ minus sign.
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