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FIFO perpetual inventory Instructions FIFO Chart of Accounts Journal Final Questions Instructions The beginning inventory at
Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to
Purchases Cost of Merchandise Sold Inventory Un Cost Total Cost Unit Cost Total Cost Quantity Unit Cast 2.600 58.00 5.80
Inventory ost Quantity Unit Cost Total Cost 2,600 2,600 7,200 58.00 58.00 150,800 150,800 475,200 66.00 150,800 89,100 85,800
2 Determine the total sales and the total cost of merchandise sold for the period. Joumalize the entries in the sales and cos
Final Questions 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 3
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Answer #1

1. FIFO Perpetual Inventory

Date Purchases Cost of Merchandise Sold Inventory
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan 1 2600 58.00 150800
10 7200 66.00 475200 2600 58.00 150800
10 7200 66.00 475200
28 2600 58.00 150800
28 1350 66.00 89100 5850 66.00 386100
30 1300 66.00 85800 4550 66.00 300300
Feb 5 500 66.00 33000 4050 66.00 267300
10 17500 68.00 1190000 4050 66.00 267300
10 17500 68.00 1190000
16 4050 66.00 267300
16 5150 68.00 350200 12350 68.00 839800
28 8000 68.00 544000 4350 68.00 295800
Mar 5 14400 69.60 1002240 4350 68.00 295800
5 14400 69.60 1002240
14 4350 68.00 295800
14 5750 69.60 400200 8650 69.60 602040
25 3300 70.00 231000 8650 69.60 602040
25 3300 70.00 231000
30 7900 69.60 549840 750 69.60 52200
30 3300 70.00 231000
31 Balances 2766040 283200

2.

JOURNAL ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 March 31 Accounts Receivable 4926200 +
2 Sales 4926200 +
3 Cost of Goods Sold 2766040 -
4 Merchandise Inventory 2766040 -

Kindly use the exact wording of account titles and the account numbers in the post ref. as per the chart of accounts since the same has not been provided with the question.

Sales:

Date Quantity Unit Selling Price Total Sales
Jan. 28 3950 116.00 458200
30 1300 116.00 150800
Feb. 5 500 116.00 58000
16 9200 121.00 1113200
28 8000 121.00 968000
Mar. 14 10100 121.00 1222100
30 7900 121.00 955900
31 Total 4926200

3. Gross profit = Sales - Cost of goods sold = $4926200 - $2766040 = $2160160

4. Ending inventory cost at March 31: $283200

5. Lower

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