The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 28 Sale11,250 150.00 1,687,500 30 Sale3,750 150.00 562,500 Feb. 5 Sale1,500 150.00 225,000 10 Purchase54,000 87.50 4,725,000 16 Sale27,000 160.00 4,320,000 28 Sale25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 14 Sale30,000 160.00 4,800,000 25 Purchase7,500 90.00 675,000 30 Sale26,250 160.00 4,200,000 Determine the inventory on March 31 and the cost of merchandise 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 and final answers to the nearest dollar. Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers.

Name: The beginning inventory at Midnight Supplies and data on purchases and
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Description: The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 2

The weighted average cost-per-unit under the periodic inventory system is computed by dividing the…

Answered: Determine the inventory on March 31 and…

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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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	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

Determine the inventory on March 31 and the cost of merchandise 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 and final answers to the nearest dollar.

Compare the gross profit and the March 31 inventories, using the following column headings. Enter all amounts as positive numbers.

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