PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS F

Question

PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS FOR THE "FIFO" PART, BUT I DON'T HAVE THE ANSWER FOR THE "JOURNAL" PART. I'VE SEEN THE SAME QUESTION ASKED MANY TIMES ON CHEGG BEFORE, BUT NONE OF THEM HAD THE JOURNAL, SO PLEASE ANSWER THAT PART CAREFULLY AND CORRECTLY. USE THE SAME EXACT TABLE THAT I PROVIDED BELOW WITH THE CORRECT DATES, ACCOUNT TITLES AND AMOUNT. MAKE SURE THERE'S NO EXTRA OR ANY LESS ENTRY THAN THE EXACT NUMBER OF ENTRIES THAT'S SUPPSOED TO BE THERE AS PROVIDED IN THE TABLE BELOW.

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:

Date

Exhibit 3

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 and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles.

Question not attempted.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

Score: 0/51

1

2

3

4

Date

Transaction Number of Units Per Unit 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

Explanation / Answer

Solution 2:

Computation of Sales Date Sales Qty Selling Price Sale Value 28-Jan 11250 $150.00 $1,687,500.00 30-Jan 3750 $150.00 $562,500.00 5-Feb 1500 $150.00 $225,000.00 16-Feb 27000 $160.00 $4,320,000.00 28-Feb 25500 $160.00 $4,080,000.00 14-Mar 30000 $160.00 $4,800,000.00 30-Mar 26250 $160.00 $4,200,000.00 Total 125250 $19,875,000.00

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