A sale on March 21 with terms n/10 eom is due to be collected by April 30 April 10 April 1 Marc

Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 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. Inventory, March 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…

Problem 3 * Dette, Inc. estimates the cost ofits physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 25%. The following account balances are available: Inventory, March 1 Purchases Purchase returns Sales during March The estimate of the cost of inventory on March 31 would be Your answer 220,000 172,000 8,000 300,000

LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 36 $225 $8,100 8 Purchase 72 270 19,440 11 Sale 48 00 750 36,000 30 Sale 30 750 22,500 May 8 Purchase 60 60 300 18,000 10 Sale 36 750 27,000 19 Sale 18 750 13,500 28 Purchase 60 330 19,800 June 5 Sale 36 790 28,440 16 Sale 48 790 37,920 21 Purchase 108 360 38,880 28 Sale 54 790 42,660 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.