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PR 6-4A Periodic inventory by three methods Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 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. 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. 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. 4. Compare the gross profit and the March 31 inventories, using the following column headings: FIFO LIFO Weighted Average Sales Cost of goods sold Gross profit Inventory, March 31 The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c.is for information purposes only d.is sent to the bank for verification PR 6-4A Periodic inventory by three methods Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 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. 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. 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. 4. Compare the gross profit and the March 31 inventories, using the following column headings: FIFO LIFO Weighted Average Sales Cost of goods sold Gross profit Inventory, March 31 The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal control system c.is for information purposes only d.is sent to the bank for verification

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