PR 6-2A LIFO perpetual inventory Obj. 2, 3The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. SHOW ME HOW Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first out method. EXEL MPLATE 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Answer Check Figure: Gross profit, $5,773,125 3. Determine the ending inventory cost as of March 31. Chapter Review 6-8g Problems: Series A FIFO perpetual inventory PR 6-1A Obj. 2, 3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as SHOW ME NOW follows: EXCEL TEMPLATE Transaction Number Per Unit of Units Total Date 7,500 $75.00$ 562,500 Jan. 1 Inventory 85.00 1,912,500 22,500 10 Purchase 150.00 1,687,500 11,250 28 Sale 150.00 562,500 3,750 Sale 30 225,000 150.00 Sale 1,500 Feb. 5 8750 4,725,000 54,000 Purchase 10 160.00 4,320,000 27,000 16 Sale 160.00 4,080,000 25,500 Sale 28 89.50 4,027.500 45,000 Purchase Mar. 5 160.00 4,800,000 30,000 Sale 14 675,000 90.00 Purchase 7,500 25 160.00 4,200,000 26.250 30 Sale Instructions Exhibit 3 Entries and Perpetual Inventory Account (FIFO) Item 127B Jan 4 Accounts Receivable 21,000 Sales Cost of Goods Sold 21.000 Purchases Unit Total 4 Cost of Goods Sold 14.000 Inventory Unit Total Inventory 14,000 Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Jan. 1 10 Inventory 11.200 1,000 20.00 Accounts Payable 4 20.00 14,000 20.00 700 11,200 300 10 22.40 11,200 500 20.00 300 22 Accounts Recelvable Sales 22 Cost of Goods Sold 10.800 500 22.40 1 22 20.00 6,000 22.40 1,344 22.40 5,376 10,800 300 7.344 22.40 22.40 22.40 60 440 Inventory 7.344 240 200 23.30 13,980 30 600 200 28 Accounts Receivable 7,200 23.30 600 Sales 7,200 26 20 31 Balances 28 Cost of Goods Sold S.376 Inventory 5.376 Cost of goods sold Janu 13.980 30 Inventory inver Accounts Payable 13980 >

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