Please don't give image format Periodic inventory by three methodsThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Numberof Units Per Unit Total$60.00$540,0009,00021,00070.00 1,470,00010,250140.00 1,435,0005,750140.00 805,000140.00490,00075.002,962,500150.00 2,250,000150.001,500,000Mar. 5 Purchase82.00 2,050,000Mar. 14 Sale30,000150.00 4,500,000Mar. 25 Purchase10,00019,000 150.0088.40 884,0002,850,000Mar. 30 Sale1. 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.Date TransactionJan. 1 InventoryJan. 10 PurchaseJan. 28 SaleJan. 30 SaleFeb. 5 SaleFeb. 10 PurchaseFeb. 16 SaleFeb. 28 SaleInventory, March 31 $11,000 XCost of goods sold $ 6,934,100 X2. 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.3,50039,50015,00010,00025,000Inventory, 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.FIFOLIFOWeighted AverageSalesCost of goods soldGross profitInventory, March 31.$$$$$

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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 of Units Per Unit Total $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 140.00 805,000 140.00 490,000 Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 75.00 2,962,500 150.00 2,250,000 150.00 1,500,000

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 of Units Per Unit Total $60.00 $540,000 70.00 1,470,000 140.00 1,435,000 140.00 805,000 140.00 490,000 Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 75.00 2,962,500 150.00 2,250,000 150.00 1,500,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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