FIFO Perpetual Inventory Assignment

FIFO perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows OBJ. 2,3 3. $8.983,125 Number of Units Per Unit Excel Date Transaction Total $ 562.500 7.500 $ 75.00 Jan. 1 Inventory Purchase 1,912.500 10 22.500 85.00 Show Me How 28 Sale 150.00 11.250 1,687.500 3.750 150.00 562.500 30 Sale Feb 5 Sale 1,500 150,00 225.000 8750 4725,000 10 Purchase 54,000 4,320,000 Sale 22.000 160 00 16 25,500 160.00 4.080,000 28 Sale AS000 8950 4027 500 Mar. 5 Purchase Sale 0 000 160.00 4.800,000 14 90,00 675.000 25

Purchase ioo 26250 16000 4,200, C00 30 Sale instructions NRecord this inventory, purchases, and CST cl merchandise sold data in a perpetual inventory record similar to the one illusion inhibit 5, using the first-in, first-ous method Detenine she total sales and the too merchandise sold for the period Journalize the eecs in the sales and osa merchandise seld accounts Assane that all salth was on account T Themsing the goss profit fri sides time the rs Aa 3:13 PM e m … C Chegg C Get Homework Help With Cheg 10 + X 4088/ct/415AVNDO.00000 rom IE 385 Chapter 7 Inventories Determine the ending inventory cost as of March 31 S Based upon the preceding data, would you expect the inventory using the last-in-first-out method to be higher or lower? gross. .