Date TransactionJan. 1 Inventory10 Purchase28 Sale30 SaleFeb. 5 Sale10 Purchase16 Sale28 SaleMar. 5 Purchase14 Sale25 Purchase30 SaleNumberof Units7,50022,50011,2503,7501,50054,00027,00025,50045,00030,0007,50026,250Per Unit$75.0085.00150.00150.00150.0087.50160.00160.0089.50160.0090.00160.00Total$562,5001,912,5001,687,500562,500225,0004,725,0004,320,0004,080,0004,027,5004,800,000675,0004,200,000 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 31Cost of goods sold2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.Inventory, March 31Cost of goods soldInventory, March 31Cost of goods sold$$3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventorysystem. Round the weighted average unit cost to the nearest cent.SalesCost of goods soldGross profitInventory, March 31$$4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbersuse a minus sign.FIFO$LIFOWeighted Average$LA

Name: Date TransactionJan. 1 Inventory10 Purchase28 Sale30 SaleFeb. 5 Sale1
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Date TransactionJan. 1 Inventory10 Purchase28 Sale30 SaleFeb. 5 Sale10 Purchase16 Sale28 SaleMar. 5 Purchase14 Sale25 Purchase30 SaleNumberof Units7,50022,50011,2503,7501,50054,00027,00025,50045,00030,0007,50026,250Per Unit$75.0085.00150.00150.00150

The difference between FIFO and LIFO is that, FIFO assumes that the goods purchased first are sold…

Business

Accounting

Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000

Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units 7,500 22,500 11,250 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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