PR 6-4A
Periodic inventory by three methods
Obj. 2, 3 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.
Instructions
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
Answer+
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. (Round the weighted average unit cost to the nearest cent Check Figure: Inventory, $881,250
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. (Roune the weighted average unit cost to the nearest cent.)
4. Compare the gross profit and the March 31 inventories, using the following column headings:
FIFO LIFO Weighted Average
Sales
Cost of goods
sold
Gross profit
Inventory, March
31