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Show Me How eBook EIEO perpetual inventory Instructions FIFO Journal Final Questions Instructions 1. Record the inventory purchases, and coat of goods sold date in a perpetual inventory record similar to the one ilustrated in Exhibit3 using the firaton, 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 sold accounts Assume that all sales were on account and date your joumal entry March 31 Rufer to the Chart of Accounts for exact wording of account es 3. Determine the gross profit from sales for the period 4 Deformine the ending inventory cost as of March 31 5 Based upon the preceding date would you expect the ending inventory using the last feat-aut methast to be higher or lower? 631 Insurance Emansa tnte Carlament # 10 Po 90 1054 AM 4/26/2022 per pancual inventory Instructions Jan Feb. 10 Mar Date 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale Purchase 10 100 in Transaction Number of Units 2,700 7,300 4,050 1,200 500 17,000 9.200 8.000 14,300 10,300 3.200 16 Sale Sale 5 Purchase 14 Sale 25 Purchase 28 FIFO Journal Final Questions Per Unit Total $50.00 $135,000 58.00 423,400 100.00 405,000 100.00 120,000 100.00 50,000 60.00 1,020,000 105.00 966,000 105.00 840,000 61.60 880 880 105.00 1,081,500 62.00 198,400 Show Me How eBook EIEO perpetual inventory Instructions FIFO Journal Final Questions Instructions 1. Record the inventory purchases, and coat of goods sold date in a perpetual inventory record similar to the one ilustrated in Exhibit3 using the firaton, 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 sold accounts Assume that all sales were on account and date your joumal entry March 31 Rufer to the Chart of Accounts for exact wording of account es 3. Determine the gross profit from sales for the period 4 Deformine the ending inventory cost as of March 31 5 Based upon the preceding date would you expect the ending inventory using the last feat-aut methast to be higher or lower? 631 Insurance Emansa tnte Carlament # 10 Po 90 1054 AM 4/26/2022 per pancual inventory Instructions Jan Feb. 10 Mar Date 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale Purchase 10 100 in Transaction Number of Units 2,700 7,300 4,050 1,200 500 17,000 9.200 8.000 14,300 10,300 3.200 16 Sale Sale 5 Purchase 14 Sale 25 Purchase 28 FIFO Journal Final Questions Per Unit Total $50.00 $135,000 58.00 423,400 100.00 405,000 100.00 120,000 100.00 50,000 60.00 1,020,000 105.00 966,000 105.00 840,000 61.60 880 880 105.00 1,081,500 62.00 198,400

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