08 Oct FIFO perpetual inventory

Principles of Accounting 1

 

PR 6-14 FIFO perpetual inventory Obj. z. 2

 

The beginning inventory at Midnight Supplies and data on purchases and sabes for a three month

 

Period ending March 41 are as follows:

 

Murniber Per

 

Dew Transecthom of Ure ieee Toon

 

dan 1 lerwentory 7,500 $ Ts.00 $ 562.500

 

100 Purchase 22,500 as.00 1,912,500

 

2 Sale 11280 150.00 1,687,500

 

a0 Sale 4750 1s0.00 562.500

 

Feb 5S Sale 1,500 ‘s0.00 225,000

 

1 Purchase 54,000 a7.s0 4,725,000

 

16 Sumber 27,000 10.00 4,320,000

 

250 Sale 25,500 W000 4,080,000

 

Mar S Purchase 45,000 a2.50 4.027.500

 

1 Same 20,000: 101080″ 4, 800.000

 

25 Purchase FSO BOLO 675,000

 

a Sale 26.250 160080 4,200,000

 

Instrurcthoms.

 

1. Record the imventery, purchases, and cot of goods sold data in a perpetual inventory record similar to the ome ithustrated im Exchibit 3. using the finst-in, fiest-ot mcthocd.

 

2 Determine the tonal) sales and the total cost of goods sold for the period, Journallize the entries inthe sales and cos: of gods sold accounes, Assume that alll sales were on acount,

 

3. Determine the groans prafit from sales few the period.

 

4. Determine the encling: imwentory cost as af March +1

 

PR 6-2A UFO perpetual inwentory ob. 2.3

 

The beginning, inwentory a0 Midnight Supplies and daca on purchases and sabes foo a three-month

 

Period ane shower én Problem 6 1A.

 

Instructions

 

1 Becerd the inwennory, purchases, and cost of goods sold dara im a perpenual inventory record Stmiier co the one ilustrased im Exhdisin 4, ueimg: dhe bast-in, first—cun method

 

2. Determine the total sakes, the total cos ad goods soldi, and! the gross profit from sales fier the porical

 

3. Determine the Ending inventory cost as of March 31