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The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are as follows:
Number
Per
Date
Transaction
of Units
Unit
Total
Jan.
1
Inventory
50
$20.00
$1,000
7
Purchase
200
22.00
4,400
20
Sale
90
40.00
3,600
30
110
Feb.
8
44.00
880
10
130
23.00
2,990
27
42.00
3,780
28
45.00
2,250
Mar.
5
180
24.00
4,320
13
50.00
4,500
23
100
26.00
2,600
80
4,000
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.
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