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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 8.00

Keats Office Supplies

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?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 PM My Price 8.00

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