Calculator Periodic Inventory by three methods
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
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Midnight Supplies | |||||||||
Answer 1 | Periodic FIFO | ||||||||
Date | Cost of Goods available for sale | Cost of Goods sold | Inventory Balance | ||||||
No. of Units | Cost per unit | Amount | No. of Units | Cost per unit | Cost of Goods sold | No. of Units | Cost per unit | Inventory Balance | |
1-Jan | 7,500.00 | 75.00 | 562,500.00 | 7,500.00 | 75.00 | 562,500.00 | - | 75.00 | - |
10-Jan | 22,500.00 | 85.00 | 1,912,500.00 | 22,500.00 | 85.00 | 1,912,500.00 | - | 85.00 | - |
10-Feb | 54,000.00 | 87.50 | 4,725,000.00 | 54,000.00 | 87.50 | 4,725,000.00 | - | 87.50 | - |
5-Mar | 45,000.00 | 89.50 | 4,027,500.00 | 41,250.00 | 89.50 | 3,691,875.00 | 3,750.00 | 89.50 | 335,625.00 |
25-Mar | 7,500.00 | 90.00 | 675,000.00 | 7,500.00 | 90.00 | 675,000.00 | |||
Total | 136,500.00 | 11,902,500.00 | 125,250.00 | 10,891,875.00 | 11,250.00 | 1,010,625.00 | |||
Answer 2 | Periodic LIFO | ||||||||
Date | Cost of Goods available for sale | Cost of Goods sold | Inventory Balance | ||||||
No. of Units | Cost per unit | Amount | No. of Units | Cost per unit | Cost of Goods sold | No. of Units | Cost per unit | Inventory Balance | |
1-Jan | 7,500.00 | 75.00 | 562,500.00 | 7,500.00 | 75.00 | 562,500.00 | |||
10-Jan | 22,500.00 | 85.00 | 1,912,500.00 | 18,750.00 | 85.00 | 1,593,750.00 | 3,750.00 | 85.00 | 318,750.00 |
10-Feb | 54,000.00 | 87.50 | 4,725,000.00 | 54,000.00 | 87.50 | 4,725,000.00 | - | 87.50 | - |
5-Mar | 45,000.00 | 89.50 | 4,027,500.00 | 45,000.00 | 89.50 | 4,027,500.00 | - | 89.50 | - |
25-Mar | 7,500.00 | 90.00 | 675,000.00 | 7,500.00 | 90.00 | 675,000.00 | - | 90.00 | - |
Total | 136,500.00 | 11,902,500.00 | 125,250.00 | 11,021,250.00 | 11,250.00 | 881,250.00 |
Answer 3 | Periodic Weighted Average | ||
Date | Cost of Goods available for sale | ||
No. of Units | Cost per unit | Amount $ | |
1-Jan | 7,500.00 | 75.00 | 562,500.00 |
10-Jan | 22,500.00 | 85.00 | 1,912,500.00 |
10-Feb | 54,000.00 | 87.50 | 4,725,000.00 |
5-Mar | 45,000.00 | 89.50 | 4,027,500.00 |
25-Mar | 7,500.00 | 90.00 | 675,000.00 |
Total | 136,500.00 | 11,902,500.00 | |
Weighted Average cost | 87.20 | ||
Number of units sold | 125,250.00 | ||
Cost of Goods sold | 10,921,524.73 | ||
Inventory Balance | 11,250.00 | ||
Closing Inventory (value) | 980,975.27 |
Answer 4 | |||
Total Sales | |||
Date | No. of Units | Sell Price | Value |
28-Jan | 11,250.00 | 150.00 | 1,687,500.00 |
30-Jan | 3,750.00 | 150.00 | 562,500.00 |
5-Feb | 1,500.00 | 150.00 | 225,000.00 |
16-Feb | 27,000.00 | 160.00 | 4,320,000.00 |
28-Feb | 25,500.00 | 160.00 | 4,080,000.00 |
14-Mar | 30,000.00 | 160.00 | 4,800,000.00 |
30-Mar | 26,250.00 | 160.00 | 4,200,000.00 |
Total Sales | 125,250.00 | 19,875,000.00 | |
Calculation of Gross Profit | |||
FIFO | LIFO | Weighted Average | |
Sales | 19,875,000.00 | 19,875,000.00 | 19,875,000.00 |
Cost of Goods sold | 10,891,875.00 | 11,021,250.00 | 10,921,524.73 |
Gross Profit | 8,983,125.00 | 8,853,750.00 | 8,953,475.27 |
Inventory, March 31 | 1,010,625.00 | 881,250.00 | 980,975.27 |
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 |
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. 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 | $ |
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 | $ |
Cost of goods sold | $ |
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.
FIFO | LIFO | Weighted Average | |
Sales | $ | $ | $ |
Cost of goods sold(-) | |||
Gross profit | $ | $ | |
Inventory, March 31 | $ | $ |
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
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...
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 2,600 $54.00 $140,400 10 Purchase 7,000 62.00 434,000 28 Sale 3,850 108.00 415,800 30 Sale 1,300 108.00 140,400 Feb. 5 Sale 500 108.00 54,000 10 Purchase 17,500 64.00 1,120,000 16 Sale 8,700 113.00 983,100 28 Sale 8,600 113.00 971,800 Mar. 5 Purchase 14,000 65.60 918,400 14 Sale...
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 2,600 $54.00 $140,400 10 Purchase 7,000 62.00 434,000 28 Sale 3,850 108.00 415,800 30 Sale 1,300 108.00 140,400 Feb. 5 Sale 500 108.00 54,000 10 Purchase 17,500 64.00 1,120,000 16 Sale 8,700 113.00 983,100 28 Sale 8,600 113.00 971,800 Mar. 5 Purchase 14,000 65.60 918,400 14...
Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
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...
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...
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,700 $50.00 $135,000 10 Purchase 7,300 58.00 423,400 28 Sale 4,050 100.00 405,000 30 Sale 1,200 100.00 120,000 Feb. 5 Sale 500 100.00 50,000 10 Purchase 17,000 60.00 1,020,000 16 Sale 9,200 105.00 966,000 28 Sale 8,000 105.00 840,000 Mar. 5 Purchase 14,300 61.60 880,880...
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Total Number of Units 7,400 22,200 Jan. 1 Inventory $532,800 Per Unit $72.00 82.00 144.00 1,820,400 10 28 Purchase Sale 11,100 1,598,400 3,700 144.00 532,800 30 Feb. 5 Sale Sale 1,480 144.00 213,120 10 Purchase 53,280 84.50 16 28 Sale Sale Mar. 5 Purchase 26,640 25,160 44,400 29,600 7,400 25,900 154.00 154.00...
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date TransactionNumber of UnitsPer UnitTotal Jan. 1 Inventory7,800 $71.00 $553,800 10 Purchase23,400 81.00 1,895,400 28 Sale11,700 142.00 1,661,400 30 Sale3,900 142.00 553,800 Feb. 5 Sale1,560 142.00 221,520 10 Purchase56,160 83.50 4,689,360 16 Sale28,080 152.00 4,268,160 28 Sale26,520 152.00 4,031,040 Mar. 5 Purchase46,800 85.50 4,001,400 14 Sale31,200 152.00 4,742,400 25 Purchase7,800 86.00 670,800 30 Sale27,300...
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,200 $74.00 $532,800 10 Purchase 21,600 84.00 1,814,400 28 Sale 10,800 148.00 1,598,400 30 Sale 3,600 148.00 532,800 Feb. 5 Sale 1,440 148.00 213,120 10 Purchase 51,840 86.50 4,484,160 16 Sale 25,920 158.00 4,095,360 28 Sale 24,480 158.00 3,867,840 Mar. 5 Purchase 43,200...