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 merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

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…

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 330 units. Unit Cost $ 90 Date Units Total Cost $ 27,000 Beginning Inventory Purchase January 1 January 15 January 24 300 400 100 40, 000 36,000 Purchase 300 120 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (C) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale

Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 Units Sold at Retail = $30,400 April 11 Sale 1,360 units @ $110 April 16. April 22 Purchase Sale 680 units @ $44 = : $29,920 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice