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FIFO
perpetual inventory
Instructions
Chart of Accounts
FIFO
General Journal
Final Questions
Instructions
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
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 journal entry March 31.
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 ending inventory using the
last-in, first-out method
to be higher or lower?
CHART OF ACCOUNTS
Midnight Supplies
General Ledger
ASSETS
110
Cash
111
Petty Cash
120
Accounts Receivable
131
Notes Receivable
132
Interest Receivable
141
Inventory
145
Office Supplies
146
Store Supplies
151
Prepaid Insurance
181
Land
191
Office Equipment
192
Accumulated Depreciation-Office Equipment
193
Store Equipment
194
Accumulated Depreciation-Store Equipment
LIABILITIES
210
Accounts Payable
221
Notes Payable
222
Interest Payable
231
Salaries Payable
241
Sales Tax Payable
EQUITY
310
Common Stock
311
Retained Earnings
312
Dividends
REVENUE
410
Sales
610
Interest Revenue
EXPENSES
510
Cost of Goods Sold
515
Credit Card Expense
516
Cash Short and Over
520
Salaries Expense
531
Advertising Expense
532
Delivery Expense
533
Insurance Expense
534
Office Supplies Expense
535
Rent Expense
536
Repairs Expense
537
Selling Expenses
538
Store Supplies Expense
561
Depreciation Expense-Office Equipment
562
Depreciation Expense-Store Equipment
590
Miscellaneous Expense
710
Interest Expense
FIFO
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. 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.
Date
Purchases
Cost of goods Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Jan. 1
10
10
28
28
30
Feb. 5
10
10
16
16
28
Mar. 5
5
14
14
25
25
30
30
31
Balances
General Journal
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 journal entry March 31.
General Journal Instructions
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
Final Questions
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 ending inventory using the
last-in, first-out method
to be higher or lower?
Higher
Lower
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Question Content Area
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
9,000
$60.00
$540,000
Jan. 10
Purchase
21,000
70.00
1,470,000
Jan. 28
Sale
10,250
140.00
1,435,000
Jan. 30
Sale
5,750
140.00
805,000
Feb. 5
Sale
3,500
140.00
490,000
Feb. 10
Purchase
39,500
75.00
2,962,500
Feb. 16
Sale
15,000
150.00
2,250,000
Feb. 28
Sale
10,000
150.00
1,500,000
Mar. 5
Purchase
25,000
82.00
2,050,000
Mar. 14
Sale
30,000
150.00
4,500,000
Mar. 25
Purchase
10,000
88.40
884,000
Mar. 30
Sale
19,000
150.00
2,850,000
Required:
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Round unit cost to two decimal places, if necessary.
Date
Purchases
Quantity
Purchases
Unit Cost
Purchases
Total Cost
Cost of
Goods Sold
Quantity
Cost of
Goods Sold
Unit Cost
Cost of
Goods Sold
Total Cost
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total Cost
Jan. 1
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$fill in the blank 2
$fill in the blank 3
Jan. 10
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$fill in the blank 5
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Jan. 10
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Jan. 28
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$fill in the blank 14
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Jan. 28
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Jan. 30
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Jan. 30
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Feb. 5
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Feb. 5
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Feb. 10
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Feb. 10
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Feb. 10
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Feb. 16
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Feb. 16
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Feb. 16
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Feb. 28
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Feb. 28
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Feb. 28
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Mar. 5
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Mar. 5
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Mar. 5
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Mar. 5
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Mar. 14
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Mar. 14
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Mar. 14
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Mar. 25
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Mar. 25
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Mar. 25
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Mar. 25
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Mar. 30
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Mar. 30
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Mar. 30
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Mar. 31
Balances
$fill in the blank 136
$fill in the blank 137
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Line Item Description
Amount
Total sales
$fill in the blank 138
Total cost of goods sold
$fill in the blank 139
Gross profit
$fill in the blank 140
3. Determine the ending inventory cost as of March 31.
fill in the blank 1 of 1$
1. 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:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
9,000
$60.00
$540,000
Jan. 10
Purchase
21,000
70.00
1,470,000
Jan. 28
Sale
10,250
140.00
1,435,000
Jan. 30
Sale
5,750
140.00
805,000
Feb. 5
Sale
3,500
140.00
490,000
Feb. 10
Purchase
39,500
75.00
2,962,500
Feb. 16
Sale
15,000
150.00
2,250,000
Feb. 28
Sale
10,000
150.00
1,500,000
Mar. 5
Purchase
25,000
82.00
2,050,000
Mar. 14
Sale
30,000
150.00
4,500,000
Mar. 25
Purchase
10,000
88.40
884,000
Mar. 30
Sale
19,000
150.00
2,850,000
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
Inventory, March 31 fill in the blank 1 of 2$
Cost of goods sold fill in the blank 2 of 2$
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 fill in the blank 1 of 2$
Cost of goods sold fill in the blank 2 of 2$
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
Inventory, March 31 fill in the blank 1 of 2$
Cost of goods sold fill in the blank 2 of 2$
4. Compare the gross profit and the March 31 inventories, using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Line Item Description
FIFO
LIFO
Weighted Average
Sales
$fill in the blank 7
$fill in the blank 8
$fill in the blank 9
Cost of goods sold
fill in the blank 10
fill in the blank 11
fill in the blank 12
Gross profit
$fill in the blank 13
$fill in the blank 14
$fill in the blank 15
Inventory, March 31
$fill in the blank 16
$fill in the blank 17
$fill in the blank 18
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