PR 7-1A FIFO perpetual inventory
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are as follows:
| Number | Per | |||
| Date | Transaction | of Units | Unit | Total |
| Mar. 1 | Inventory | 300 | $20 | $6,000 |
| 10 | Purchase | 500 | 21 | 10,500 |
| 28 | Sale | 400 | 35 | 14,000 |
| 30 | Sale | 250 | 40 | 10,000 |
| Apr. 5 | Sale | 80 | 40 | 3,200 |
| 10 | Purchase | 450 | 22 | 9,900 |
| 16 | Sale | 250 | 42 | 10,500 |
| 28 | Sale | 150 | 45 | 6,750 |
| 5-May | Purchase | 175 | 24 | 4,200 |
| 14 | Sale | 160 | 50 | 8,000 |
| 25 | Purchase | 150 | 25 | 3,750 |
| 30 | Sale | 140 | 50 | 7,000 |
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. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost.
5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…