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Determine the total sales the total cost of goods sold

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Reference no: EM131747036

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

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  

Required:

1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

2.  Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period

3.  Determine the ending inventory cost as of March 31.

Reference no: EM131747036

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