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 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   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.

Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 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 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…

FIFO 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: Date    Transaction Numberof Units Per Unit Total Apr. 3   Inventory 42   $375   $15,750   8   Purchase 84   450   37,800   11   Sale 56   1,250   70,000   30   Sale 35   1,250   43,750   May 8   Purchase 70   500   35,000   10   Sale 42   1,250   52,500   19   Sale 21   1,250   26,250   28   Purchase 70   550   38,500   June 5   Sale 42   1,315   55,230   16   Sale 56   1,315   73,640   21   Purchase 126   600   75,600   28   Sale 63   1,315   82,845   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 Cost…

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Jan. Feb. Mar. Transaction Number of Units 9,000 21,000 10,250 5,750 3,500 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 16 28 5 Purchase 14 25 30 Purchase Sale Sale Sale Purchase Sale 39,500 15,000 10,000 25,000 30,000 10,000 19,000 Per Unit $60.00 70.00 140.00 140.00 140.00 75.00 150.00 150.00 82.00 150.00 88.40 150.00 Total $540,000 1,470,000 1,435,000 805,000 490,000 2,962,500 2,250,000 1,500,000 2,050,000 4,500,000 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your…

Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 27 units at $400 per unit Feb. 19   Purchase 55 units at $460 per unit June 8   Purchase 62 units at $540 per unit Oct. 7   Purchase 57 units at $550 per unit There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. a.  Determine the inventory cost by the first-in, first-out method.$ b.  Determine the inventory cost by the last-in, first-out method.$ c.  Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value.$

LIFO 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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 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. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the…

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,080 units @ $120 Feb. 17   Purchase 1,380 units @ $122 Jul. 21   Purchase 1,525 units @ $125 Nov. 23   Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a.  Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b.  Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c.  Determine the inventory cost by the weighted average cost method.$fill in the blank 3

3

Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 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 31 $ Cost of goods sold $ 2,850,000 X 2. 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 31 $ Cost of goods sold $ 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00…