Periodic inventory by three methods FIFO LIFO Weighted Average Final Question In

Question

Periodic inventory by three methods FIFO LIFO Weighted Average Final Question Instructions The beginning inventory for Midnight Supplios and data on purchases and sales for a throe month period are as follows Transaction Number of Units Per Unit 7,500 5 562,500 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 Purchase 16 Sale 28 Sale Jan. 85.001,912,500 150.00 150.00 150.00 11,250 1,687,500 1,500 54,000 27.000 Feb. 87.504,725,000 160,00 320,000 160.00 4,080,000 89.504,027,500 160.00 4,800,000 Mar. 5 Purchase 4 Sale 25 Purchase 30 Sale 7,500 160.00 4,200,000 lnstruetions 1. Determine the inventory on March 31 and the cost of goods sold for the throe-month period, using the Nrst-in.frst out.method and the perodie nventory sysm 2 Determine the inventory on March 31 and the cost of goods sold for the three month period, using the lastin. rtt method and the pestodic

Explanation / Answer

Answer 1. First in First out method Inventory March 31st $1,010,625 Cost of goods sold $10,891,875 Date Purchases Sales Balance Units Unit Cost Total Units Unit Cost Total Units Unit Cost Total 1-Jan 7500 $75.00 $562,500 10-Jan 22500 $85.00 $1,912,500 7500 $75.00 $562,500 22500 $85.00 $1,912,500 26-Jan 7500 $75.00 $            562,500 3750 $85.00 $            318,750 18750 $85.00 $1,593,750 30-Jan 3750 $85.00 $            318,750 15000 $85.00 $1,275,000 5-Feb 1500 $85.00 $            127,500 13500 $85.00 $1,147,500 10-Feb 54000 $87.50 $4,725,000 13500 $85.00 $1,147,500 54000 $87.50 $4,725,000 15-Feb 13500 $                        85.00 $        1,147,500 13500 $                        87.50 $        1,181,250 40500 $87.50 $3,543,750 28-Feb 25500 $                        87.50 $        2,231,250 15000 $87.50 $1,312,500 5-Mar 45000 $           89.50 $    4,027,500.00 15000 $87.50 $1,312,500 45000 $89.50 $4,027,500 14-Mar 15000 $                        87.50 $        1,312,500 15000 $                        89.50 $        1,342,500 30000 $89.50 $2,685,000 25-Mar 7500 $           90.00 $        675,000.00 30000 $89.50 $2,685,000 7500 $90.00 $675,000 30-Mar 26250 $                        89.50 $        2,349,375 3750 $89.50 $335,625 7500 $90.00 $675,000 $11,340,000 $10,891,875 $1,010,625 Answer 2. Last in First out method Inventory March 31st 881250 Cost of goods sold $11,021,250 Date Purchases Sales Balance Units Unit Cost Total Units Unit Cost Total Units Unit Cost Total 1-Jan 7500 $75.00 $562,500 10-Jan 22500 $85.00 $1,912,500 7500 $75.00 $562,500 22500 $85.00 $1,912,500 26-Jan 7500 $85.00 $            637,500 7500 $75.00 $562,500 3750 $85.00 $            318,750 11250 $85.00 $956,250 30-Jan 3750 $85.00 $            318,750 7500 $75.00 $562,500 7500 $85.00 $637,500 5-Feb 1500 $85.00 $            127,500 7500 $75.00 $562,500 6000 $85.00 $510,000 10-Feb 54000 $87.50 $4,725,000 7500 $75.00 $562,500 6000 $85.00 $510,000 54000 $87.50 $4,725,000 15-Feb 27000 $                        87.50 $        2,362,500 7500 $75.00 $562,500 6000 $85.00 $510,000 27000 $87.50 $2,362,500 28-Feb 25500 $                        87.50 $        2,231,250 7500 $75.00 $562,500 6000 $85.00 $510,000 1500 $87.50 $131,250 5-Mar 45000 $           89.50 $    4,027,500.00 7500 $75.00 $562,500 6000 $85.00 $510,000 1500 $87.50 $131,250 45000 $89.50 $4,027,500.00 14-Mar 30000 $                        89.50 $        2,685,000 7500 $75.00 $562,500 6000 $85.00 $510,000 1500 $87.50 $131,250 15000 $89.50 $1,342,500.00 25-Mar 7500 $           90.00 $        675,000.00 7500 $75.00 $562,500 6000 $85.00 $510,000 1500 $87.50 $131,250 15000 $89.50 $1,342,500.00 7500 $90.00 $675,000.00 30-Mar 2250 $                        85.00 $            191,250 7500 $75.00 $562,500 1500 $                        87.50 $            131,250 3750 $85.00 $318,750 15000 $                        89.50 $        1,342,500 7500 $                        90.00 $            675,000 Total $11,340,000 $11,021,250 $881,250 Answer 3. Weighted average method Inventory March 31st $1,001,250 Cost of goods sold $10,901,250 Date Purchases Sales Balance Units Unit Cost Total Units Unit Cost Total Units Unit Cost Total 1-Jan 7500 $75.00 $562,500 10-Jan 22500 $85.00 $1,912,500 30000 $82.50 $2,475,000 26-Jan 11250 $82.50 $            928,125 18750 $82.50 $1,546,875 30-Jan 3750 $82.50 $            309,375 15000 $82.50 $1,237,500 5-Feb 1500 $82.50 $            123,750 13500 $82.50 $1,113,750 10-Feb 54000 $87.50 $4,725,000 67500 $86.50 $5,838,750 15-Feb 27000 $                        86.50 $        2,335,500 40500 $86.50 $3,503,250 28-Feb 25500 $                        86.50 $        2,205,750 15000 $86.50 $1,297,500 5-Mar 45000 $           89.50 $    4,027,500.00 60000 $88.75 $5,325,000 14-Mar 30000 $88.75 $        2,662,500 30000 $88.75 $2,662,500 25-Mar 7500 $           90.00 $        675,000.00 37500 $89.00 $3,337,500 30-Mar 26250 $                        89.00 $        2,336,250 11250 $89.00 $1,001,250 $11,340,000 $10,901,250 $1,001,250 Answer 4. FIFO LIFO Weighted Average Sales $        19,875,000 $        19,875,000 $             19,875,000 Cost of Goods Sold $        10,891,875 $        11,021,250 $             10,901,250 Profit $          8,983,125 $          8,853,750 $                8,973,750 Inevtory, March 31st (Qty) 11250 11250 11250 Inevtory, March 31st ($) $          1,010,625 $              881,250 $                1,001,250

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