Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pr 6-2a financial and managerial accounting 16th e

PR 6-2A FINANCIAL AND MANAGERIAL ACCOUNTING 16th edition Please help. The beginning inventory at Midnight...

90.2K

Verified Solution

Question

Accounting

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students