PR 6-2A FINANCIAL AND MANAGERIAL ACCOUNTING 16th edition Please help. The beginning inventory at Midnight...
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PR 6-2A FINANCIAL AND MANAGERIAL ACCOUNTING 16th edition
Please help.
The beginning inventory at Midnight supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method.
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of March 31.
Date
Transaction
Number of units
per unit
Total
Jan 1
Inventory
9,000
$60.00
$540,000
10
Purchase
21,000
70.00
1,470,000
28
Sale
10,250
140.00
1,435,000
30
Sale
5,750
140.00
805,000
Feb 5
sale
3,500
140.00
490,000
10
purchase
39,500
75.00
2,962,500
16
sale
15,000
150.00
2,250,000
28
sale
10,000
150.00
1,500,000
Mar 5
Purchase
25,000
82.00
2,050,000
14
sale
30,000
150.00
884,000
25
purchase
10,000
88.40
884,000
30
sale
19,000
150.00
2,850,000
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