LIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.   Date Transaction Number of Units Per Unit Total 1-Jan Inventory 2,500 $60 150,000 10 Purchase 7,500 68 510,000 28 Sale 3,750 120 450,000 30 Sale 1,250 120 150,000 5-Feb Sale 500 120 60,000 10 Purchase 18,000 70 1,260,000 16 Sale 9,000 125 1,125,000 28 Sale 8,500 125 1,062,500 5-Mar Purchase 15,000 71.6 1,074,000 14 Sale 10,000 125 1,250,000 25 Purchase 2,500 72 180,000 30 Sale 8,750 125 1,093,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the last-in, first-out method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31, 2016. Warren, C. S., Reeve, J. M., & Duchac, J. (2016). Accounting(26 ed.). Boston, MA: Cengage Learning.

Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,700 units at $7 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,400 units at $9 Nov. 23 Purchase 1,100 units at $10 There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. st dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the ne C. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

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…

Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1   Inventory 3,800 units at $39 Apr. 19   Sale 2,000 units June 30   Purchase 4,300 units at $42 Sept. 2   Sale 5,300 units Nov. 15   Purchase 2,000 units at $43 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods SoldFIFO Method                     Purchases Cost of Goods Sold Inventory…