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The monthly period transactions are as follows:
\begin{tabular}{lcccc} Date & Transaction & Unit & Per Unit & Total \\ March 3 & Inventory & 60 & [tex]$\$[/tex]1,500[tex]$ & $[/tex]\[tex]$90,000$[/tex] \\ March 8 & Purchase & 120 & \[tex]$1,800 & \$[/tex]216,000 \\ March 11 & Sale & 80 & \[tex]$5,000 & \$[/tex]400,000 \\ April 8 & Purchase & 100 & \[tex]$5,000 & \$[/tex]250,000 \\ April 10 & Sale & 60 & \[tex]$2,000 & \$[/tex]200,000 \\ April 19 & Sale & 30 & \[tex]$5,000 & \$[/tex]300,000 \\ April 28 & Purchase & 100 & \[tex]$5,000 & \$[/tex]150,000 \\ May 5 & Sale & 60 & \[tex]$2,200 & \$[/tex]220,000 \\ May 16 & Sale & 80 & \[tex]$5,250 & \$[/tex]315,000 \\ May 21 & Purchase & 180 & \[tex]$5,250 & \$[/tex]420,000 \\ May 28 & Sale & 90 & \[tex]$2,400 & \$[/tex]432,000 \\ \hline \end{tabular}
i. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the first-in, first-out method.
ii. Determine the total sales and the total cost of merchandise sold for the period.
iii. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.
iv. Determine the gross profit from sales for the period.
Sagot :
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