Show Me How Calculator Print Item 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 units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary. Midnight SuppliesSchedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended March 31   Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1               $ $ Jan. 10   $ $                   Jan. 28         $ $             Jan. 30                         Feb. 5                         Feb. 10                               Feb. 16                               Feb. 28                               Mar. 5                                     Mar. 14                                     Mar. 25                                           Mar. 30                                                       Mar. 31 Balances         $     $ 2.  Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit $ 3.  Determine the ending inventory cost as of March 31.$

LIFO 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 Number of 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     Instructions 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. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of…

Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices             Model Inventory,January 1    1st    2nd    3rd   Inventory Dec 31 A10 4 at $ 41 4 at $ 44 4 at $ 47      5 B15 8 at $ 94 4 at 85 3 at 91 6 at 98   7 E60 3 at 66 3 at 56 15 at 59 9 at 61   5 G83 7 at 245 6 at 253 5 at 263 10 at 262   9 J34 12 at 77 10 at 79 16 at 86 16 at 87   13 M90 2 at 123 2 at 125 3 at 143 3 at 145   5 Q70 5 at 164 4 at 174 4 at 179 7 at 184   8               Required:  Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion…