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Can you help? Please step by step: PR 7-4A Periodic inventory by three methods OBJ. 2,...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month period are as follows:DateTransactionNumber of UnitsPer UnitTotalJan.1Inventory7,500$ 75.00$ 562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb.5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale25,500160.004,080,000Mar.5Purchase45,00089.504,027,50014Sale30,000160.004,800,00025Purchase7,50090.00675,00030Sale26,250160.004,200,000Instructions1.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.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.3.Determine the inventory on March 31...
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...
Tuviens Series A $193,350 PR 7-1A FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2014, are as follows: Date Transaction Inventory Purchase Per Unit June 1 10 28 30 Total Number of Units 500 1,500 750 250 $15,000 Sale Sale $30.00 34.00 50.00 52.00 51,000 37,500 13,000 Date July 5 10 16 28 Aug. 5 14 25 30 Transaction Sale Purchase Sale...
he 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...
1) 2) ) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 50 units@ $130 Jan. 1 Inventory Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $142 70 units@ $144 Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $92 Mar. 10 Purchase 70 units @ $102 Aug. 30 Purchase 30 units @ $106 Dec. 12 Purchase 70 units @ $112 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $102 Mar. 10 Purchase 70 units @ $110 Aug. 30 Purchase 30 units @ $118 Dec. 12 Purchase 70 units @ $120 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $122 Mar. 10 Purchase 70 units $132 Aug. 30 Purchase 30 units $138 Dec. 12 Purchase 60 units @ $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $110 Mar. 10 Purchase 40 units @ $122 Aug. 30 Purchase 30 units @ $130 Dec. 12 Purchase 100 units @ $132 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $128 Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $146 Dec. 12 Purchase 70 units @ $152 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...