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The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows

The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows
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Solution Guide / Answer Key:

ACCOUNTING

PR 7-1A FIFO Perpetual Inventory

The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows:

Date Transaction Number of Units Per Unit Total
March 3 Inventory 60 $1500 $90,000
8 Purchase 120 1800 216,000
11 Sale 80 5000 400,000
30 Sale 50 5000 250,000
April 8 Purchase 100 2000 200,000
10 Sale 60 5000 300,000
19 Sale 30 5000 150,000
28 Purchase 100 2200 220,000
May 5 Sale 60 5250 315,000
16 Sale 80 5250 420,000
21 Purchase 180 2400 432,000
28 Sale 90 5250 472,500

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.

 

FILE: MS WORD

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