Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 $330,500 Purchase Discounts $12,450 Purchase returns and allowances $23,870 Sales $276,900 Sales discounts $34,660 Gross purchases $120,400 a. Compute net purchases and cost of goods sold for the month of March.

FIFO 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: Date    Transaction Numberof Units Per Unit Total Apr. 3   Inventory 48   $450   $21,600   8   Purchase 96   540   51,840   11   Sale 64   1,500   96,000   30   Sale 40   1,500   60,000   May 8   Purchase 80   600   48,000   10   Sale 48   1,500   72,000   19   Sale 24   1,500   36,000   28   Purchase 80   660   52,800   June 5   Sale 48   1,575   75,600   16   Sale 64   1,575   100,800   21   Purchase 144   720   103,680   28   Sale 72   1,575   113,400   Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit…

Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows:   Cost   Retail Celebrity Tan       Merchandise inventory, August 1 $248,000   $344,000 Transactions during August:       Purchases (net) 2,848,000   3,956,000 Sales     4,070,000         Ranchworks Co.       Merchandise inventory, March 1 $215,000     Transactions during March through November:       Purchases (net) 2,863,000     Sales 4,472,000     Estimated gross profit rate 35%       Required: 1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31     Cost Retail     $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3     fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6     $fill in the blank 4c1a98f55fecf8b_8 $fill in…

LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $75.00   $562,500   10   Purchase 22,500   85.00   1,912,500   28   Sale 11,250   150.00   1,687,500   30   Sale 3,750   150.00   562,500   Feb. 5   Sale 1,500   150.00   225,000   10   Purchase 54,000   87.50   4,725,000   16   Sale 27,000   160.00   4,320,000   28   Sale 25,500   160.00   4,080,000   Mar. 5   Purchase 45,000   89.50   4,027,500   14   Sale 30,000   160.00   4,800,000   25   Purchase 7,500   90.00   675,000   30   Sale 26,250   160.00   4,200,000   Required: 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. Under LIFO, if units are in inventory at two different costs, enter the…

Inventory Analysis A company reports the following: Cost of goods sold $478,150 Average inventory 95,630 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days

LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Per Date Transaction Total of Units Unit Apr. Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May Purchase 8. 200 14,000 70 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075 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. Rhodes Cn.

Based on the following data, determine the cost of merchandise sold for July: Increase in estimated returns inventory $22,000 Merchandise inventory, July 1 36,700 Merchandise inventory, July 31 70,500 Purchases 733,900 Purchases returns and allowances 25,000 Purchases discounts 14,700 Freight in 10,300

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date PurchasesQuantity…

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: 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 4,500,000  25   Purchase 10,000 88.40 884,000  30   Sale 19,000 150.00 2,850,000 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 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. Determine the inventory on…