60.1K

Verified Solution

Link Copied!

PLEASE FILL OUT ALL THE TABLES

thank you

he beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Instructions 1. Record the imventory, purchases, and cost of goods sold dafa in a perpetual inventory record similar to the one illustrated in Exthibit 3 , using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Joumalize the entries in the sales and cost of goods sald accounts. Assume that all sales wore on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account nifles. 3. Determine the gross profit fram sales for the period. 4. Dotemine the ending imventory cost as of March 31. 5. Based upan the proceding data, would you expect the ending inventory using the fast-in. first-out methed fo be higher or lower? \begin{tabular}{|} \begin{tabular}{|l|} \hline Date \\ \hline Date \\ \hline Jan. 1 \\ \hline 10 \\ \hline 10 \\ \hline 28 \\ \hline 28 \\ \hline 30 \\ \hline 5 \\ \hline \end{tabular} \end{tabular} Purchases Cost of Goods Sold Unit Cost Total Cost Unit Cost Total Cost Feb, 5 \begin{tabular}{|c|} \hline 10 \\ \hline 10 \\ \hline 16 \\ \hline 16 \\ \hline 28 \\ \hline \end{tabular} Mar. 5 is 1 \begin{tabular}{|l|} \hline 5 \\ \hline 14 \\ \hline 14 \\ \hline 25 \\ \hline 25 \\ \hline 30 \\ \hline 30 \\ \hline \end{tabular} 31 Balances Inventory Quantity Unit Cost Total Cost 5 $ 5 5 5 $ 5 [S 3 $ $ \$s. 5 $ $ 5 $ 5 $ 5 s 5 5 5 $ $ 5 $ $5 2 Deterinine ife fotal sales and the total cost of goods sold for the period Joumaice the entries in the sales and cost of goods sold accounts. Assume that aif sales were on aceos your joumal entry March 31. Roler to the Chant of Accounts for exact wonding of account nilles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the Higher Lower

Answer & Explanation Solved by verified expert

See Answer