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Chart of Accounts 131 Notes Receivable EXPENSES 132 Interest. Receivable 510 Cost of Goods Sold 141 Inventory 515 Credit Card Expense 145 Office Supplies 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Oftice Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 537 Selling Expenses 2. Determine the fotal sales and the fotai cost of goods soid for the peniod. Journakze summary entries for the sales and corresponding cost of goods sold for Assume that all sales were on account and date your joumal entry March 31 . Gonecal Joumal instructions EIFO perpetual inventory Instructions Chart of Accounts FIFO General Journal Final Questions FIFO perpetual inventory Instructions Chart of Accounts FIFO General Journal Final Questions Chart of Accounts 537 Selling Expenses LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense General Joumal General Jownalinstructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follow5: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the peniod Joumalize summary entries for the sales and corresponding cost of goods sold for the period Assime that alf sales were on account and dafe your joumal entry March 31 3. Determine the gross profit from sales for the period 4. Detormine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending imentory using the last-in. first-out method to be higher or lower? Required: 1. Pecord the inventory, purchases, and cost af goods sold data in a perpetual invenfony record simiar bo the one idustraled in Extot as. using the frat-in. firat-out method. 2 Determine the fotal sales and the folal cost of goods sold for the period Journalize summary entries for the sales and corresponding cost of goods sold for the period Assume that alf saies weve on account and date your joumal entry March 31 ELFO perpetual inventory Instructions Chart of Accounts FIFO Ceneral Joumal Final Questions \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ FIFO } \\ \hline & & & $ & 5 \\ \hline & & & s & 5 \\ \hline & " & & Is & $ \\ \hline 1 & $ & $ & & \\ \hline & $ & $ & 5 & \$ \\ \hline \& & $ & $ & $ & $ \\ \hline & $ & $ & $ & $ \\ \hline & & & 5 & 5 \\ \hline & & & $ & 5 \\ \hline & $ & $ & & \\ \hline & $ & $ & 5 & s \\ \hline 4 & & & In & 10 \\ \hline \end{tabular} 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first Sold Unit Cost column and in the Inventory Unit Cost column. FIFO perpetual inventory instructions Chart of Accounts FIFO Goneral Joumal Final Questions \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|l|}{ FIFO } \\ \hline 10 & $ & 5 & 4 \\ \hline \multicolumn{4}{|l|}{\begin{tabular}{l} 10 \\ 10 \end{tabular}} \\ \hline 28 & & & 5 \\ \hline 28 & & & $ \\ \hline 30 & & & 5 \\ \hline Feb. 5 & & & 5 \\ \hline 10 & 5 & 5 & \\ \hline \multicolumn{4}{|l|}{10} \\ \hline 10 & & & 15 \\ \hline 16 & & & $ \\ \hline 20 & & & 5 \\ \hline 4e1 & ine & 10 & b \\ \hline \end{tabular} Instructions Chart of Accounts FIFO General Journal Final Questions \begin{tabular}{|c|c|c|c|c|} \hline FIFO & & & & \\ \hline 10 & & & & \\ \hline 16 & & & & \\ \hline 16 & & & & \\ \hline 28 & & & & \\ \hline Mar. 5 & & & & \\ \hline 5 & & & & \\ \hline 14 & & & & \\ \hline 14 & & & & \\ \hline 25 & & & & \\ \hline 25 & & & \\ \hline 30 & & & \\ \hline 30 & & & \\ \hline \end{tabular} 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 ending inventory using the last-in, first-out method to be higher or lower? Higher CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense Chart of Accounts 131 Notes Receivable EXPENSES 132 Interest. Receivable 510 Cost of Goods Sold 141 Inventory 515 Credit Card Expense 145 Office Supplies 516 Cash Short and Over 146 Store Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 191 Office Equipment 533 Insurance Expense 192 Accumulated Depreciation-Oftice Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 537 Selling Expenses 2. Determine the fotal sales and the fotai cost of goods soid for the peniod. Journakze summary entries for the sales and corresponding cost of goods sold for Assume that all sales were on account and date your joumal entry March 31 . Gonecal Joumal instructions EIFO perpetual inventory Instructions Chart of Accounts FIFO General Journal Final Questions FIFO perpetual inventory Instructions Chart of Accounts FIFO General Journal Final Questions Chart of Accounts 537 Selling Expenses LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 538 Store Supplies Expense 561 Depreciation Expense-Office Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense General Joumal General Jownalinstructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follow5: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the peniod Joumalize summary entries for the sales and corresponding cost of goods sold for the period Assime that alf sales were on account and dafe your joumal entry March 31 3. Determine the gross profit from sales for the period 4. Detormine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the ending imentory using the last-in. first-out method to be higher or lower? Required: 1. Pecord the inventory, purchases, and cost af goods sold data in a perpetual invenfony record simiar bo the one idustraled in Extot as. using the frat-in. firat-out method. 2 Determine the fotal sales and the folal cost of goods sold for the period Journalize summary entries for the sales and corresponding cost of goods sold for the period Assume that alf saies weve on account and date your joumal entry March 31 ELFO perpetual inventory Instructions Chart of Accounts FIFO Ceneral Joumal Final Questions \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ FIFO } \\ \hline & & & $ & 5 \\ \hline & & & s & 5 \\ \hline & " & & Is & $ \\ \hline 1 & $ & $ & & \\ \hline & $ & $ & 5 & \$ \\ \hline \& & $ & $ & $ & $ \\ \hline & $ & $ & $ & $ \\ \hline & & & 5 & 5 \\ \hline & & & $ & 5 \\ \hline & $ & $ & & \\ \hline & $ & $ & 5 & s \\ \hline 4 & & & In & 10 \\ \hline \end{tabular} 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first Sold Unit Cost column and in the Inventory Unit Cost column. FIFO perpetual inventory instructions Chart of Accounts FIFO Goneral Joumal Final Questions \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|l|}{ FIFO } \\ \hline 10 & $ & 5 & 4 \\ \hline \multicolumn{4}{|l|}{\begin{tabular}{l} 10 \\ 10 \end{tabular}} \\ \hline 28 & & & 5 \\ \hline 28 & & & $ \\ \hline 30 & & & 5 \\ \hline Feb. 5 & & & 5 \\ \hline 10 & 5 & 5 & \\ \hline \multicolumn{4}{|l|}{10} \\ \hline 10 & & & 15 \\ \hline 16 & & & $ \\ \hline 20 & & & 5 \\ \hline 4e1 & ine & 10 & b \\ \hline \end{tabular} Instructions Chart of Accounts FIFO General Journal Final Questions \begin{tabular}{|c|c|c|c|c|} \hline FIFO & & & & \\ \hline 10 & & & & \\ \hline 16 & & & & \\ \hline 16 & & & & \\ \hline 28 & & & & \\ \hline Mar. 5 & & & & \\ \hline 5 & & & & \\ \hline 14 & & & & \\ \hline 14 & & & & \\ \hline 25 & & & & \\ \hline 25 & & & \\ \hline 30 & & & \\ \hline 30 & & & \\ \hline \end{tabular} 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 ending inventory using the last-in, first-out method to be higher or lower? Higher CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense

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