FIFO Chart of accounts .. Equity Jornal Final questions Safarl File Edit View Hi
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FIFOChart of accounts .. Equity Jornal
Final questions Safarl File Edit View History Bookmarks Window Help v2cengagenaw.com NOWv2 I Online teaching and learning from REWORK ASSIGNMENT eBook Show Ma How FIFO perpetual inventory FIFO Journal Final Questions The beginning inventory at Mildnight Supplies and data on purchases and sales for a three-month period ending March 31, are as tollows DateTransaction Number of Units Per UnitTotal Jan. Inventory 10 Purchase 28 Sale 30 Sale $54.00 $140,400 6200 434,000 415,800 140.400 108.00 1,300 5 Sale 10 Purchase 16 Sale 28 Sale Fob. 17,800 6400 1,120,000 983,100 113.00 113.00 971,800 65.60 8,600 Mar 5 Purchase 14 Sale 25 Purchase 30 Sale 1,141,300 217,800 875,750 66.00 7,750 113.00 Check My Work All work saved Assignment Score: 53.02%
Explanation / Answer
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 2600 54 140400 10-Jan 7000 62 434000 2600 54 140400 7000 62 434000 28-Jan 2600 54 140400 1250 62 77500 5750 62 356500 30-Jan 1300 62 80600 4450 62 275900 5-Feb 500 62 31000 3950 62 244900 10-Feb 17500 64 1120000 3950 62 244900 17500 64 1120000 16-Feb 3950 62 244900 4750 64 304000 12750 64 816000 28-Feb 8600 64 550400 4150 64 265600 5-Mar 14000 65.6 918400 4150 64 265600 14000 65.6 918400 14-Mar 4150 64 265600 5950 65.6 390320 8050 65.6 528080 25-Mar 3300 66 217800 8050 65.6 528080 3300 66 217800 30-Mar 7750 65.6 508400 300 65.6 19680 3300 66 217800 TOTAL 41800 2690200 40800 2593120 3600 237480 Journal entry: Accounts receivable Dr. 4,582,150 Sales revenue 4,582,150 Cost of Goods sold Dr. 2,593,120 Inventory 2,593,120 Gross Profit for the Quarter: Sales revenue 4,582,150 Less: Cogs 2,593,120 Gross Profit for the Quarter: 1,989,030 Ending Inventory as on Mar31: 237,480 Inventory under LIFO shall be Lower, due to rising prices.
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