60.1K

Verified Solution

Link Copied!

can someone help me with this few step problem?

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one iliustrated in using the first-in, first-out method. 2. Defermine the total sales and the fotal cost of goods sold for the period. Journakize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your joumal entry March 31. 3. Determine the gross profit from sales for the period. 4. Dotermine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower? The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: 2 Determine the fotal sales and the fotal cost of goods sold for the period, Joumalize summary entries for the sales and corresponding cost of goods sold for the period. Assumet that aif sales were on account and dale your joumal entry March is. Generat doumal hs tructions Question not attempted. FIFO \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Date & Quantity & & Unit Cost & Total Cost & Quantity & Unit Cost & Total Cost \\ \hline \multicolumn{8}{|l|}{ Jan. 1} \\ \hline 10 & 7,200 & & $66.00V & $475,200V & & & \\ \hline \multicolumn{8}{|l|}{10} \\ \hline 28 & & & & & & 5 & 5 \\ \hline 28 & & & & & & 5 & 5 \\ \hline 30 & & & & & & 5 & 5 \\ \hline Feb. 5 & & & & & & 5 & 5 \\ \hline 10 & & 3 & & s & & & \\ \hline \multicolumn{8}{|l|}{10} \\ \hline 16 & & & & & & 5 & 5 \\ \hline 16. & & & & & & 3 & 5 \\ \hline 28 & & & & & & 5 & 5 \\ \hline Mar. 5 & & 5 & & s & & & \\ \hline 5 & & & & & & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer