Number Per Unit $ 75.00 Date Transaction of Units Total Jan. 1 Inventory 7,500 $ 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
Number Per Unit $ 75.00 Date Transaction of Units Total Jan. 1 Inventory 7,500 $ 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
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.7C
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FIFO perpetual inventory
The beginning inventory at Midnight Supplies and data on purchases
and sales for a three-month period ending March 31, are as attached:
Instructions
1. Record the inventory, purchases, and cost of merchandise sold
data in a perpetual inventory record similar to the one illustrated
in Exhibit 3, using the first-in, first-out method.
2. Determine the total sales and the total cost of merchandise sold
for the period.
merchandise sold accounts. Assume that all sales were on account.
3. Determine the gross profit from sales for the period.
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