Respuesta :
Answer:
Ending Inventory FIFO = 1010,625
Total Sales =$ 19,650,000
Cost Of Goods Sold 18639,375
Explanation:
Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
10 Jan Purchase 22,500 85.00 1,912,500
Total 30,000
28 Jan Sale 11,250 150.00 1,687,500
30 Jan Sale 3,750 150.00 562,500
Inventory Ending 15,000
Feb. 5 Sale 1,500 150.00 225,000
13,500
10 Feb Purchase 54,000 87.50 4,725,000
67,500
16 Feb Sale 27,000 160.00 4,320,000
28 Feb Sale 25,500 160.00 4,080,000
Inventory Ending 15,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Mar Sale 30,000 160.00 4,800,000
25 Mar Purchase 7,500 90.00 675,000
30 Mar Sale 26,250 160.00 4,200,000
Ending Units 11250
Ending Inventory FIFO = 1010,625
7,500 units at $ 90.00 = $ 675,000
3750 units at $ 89.50 = $ 335,625
Total Sales = Sales In Jan + Sales in Feb + Sales In Mar
= 1,687,500 +562,500 +4,320,000 + 4,080,000 +4,800,000+4,200,000 = $ 19,650,000
Cost Of Goods Sold= Sales Less Ending Inventory
Cost Of Goods Sold= $ 19,650,000- 1010,625= 18639,375
3. Journal Entries
Account Receivable $ 19,650,000 Dr.
Sales $ 19,650,000 Cr.
Cost Of Goods Sold 18639,375 Dr.
Merchandise Inventory 18639,375 Cr.
4. Ending Inventory FIFO = 1010,625
5. LIFO Ending inventory would be lower as price is increasing.
1. Perpetual Inventory Record of Data:
Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
Jan. 10 Purchase 22,500 85.00 1,912,500
Jan. 28 Sale -11,250 150.00 1,687,500
Jan. 30 Sale -3,750 150.00 562,500
Feb. 5 Sale -1,500 150.00 225,000
Feb. 10 Purchase 54,000 87.50 4,725,000
Feb. 16 Sale -27,000 160.00 4,320,000
Feb. 28 Sale -25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
Mar. 14 Sale -30,000 160.00 4,800,000
Mar. 25 Purchase 7,500 90.00 675,000
Mar. 30 Sale -26,250 160.00 4,200,000
March 31 Inventory Units Costs Sales Revenue
Available for Sale 136,500 $11,902,500 $15,075,000
Journal Entries for each transaction:
Jan. 10 Debit Inventory $1,912,500
Credit Accounts Payable $1,912,500
To record the purchase of 22,500 units at $85.00 each.
Jan. 28 Debit Accounts Receivable $1,687,500
Credit Sale Revenue $1,687,500
To record the sale of 11,250 units at $150 each.
Jan. 28 Debit Cost of Goods Sold $881,250
Credit Inventory$881,250 (7,500 x $75 + 3,750 x $85)
To record the cost of sales of 11,250 units.
Jan. 30 Debit Accounts Receivable $562,500
Credit Sale Revenue $5627,500
To record the sale of 3,750 units at $150 each.
Jan. 30 Debit Cost of Goods Sold $318,750
Credit Inventory$318,750 (3,750 x $85)
To record the cost of sales of 3,750 units
Feb. 5 Debit Accounts Receivable $225,000
Credit Sale Revenue $225,000
To record the sale of 1,500 units at $150 each.
Feb. 5 Debit Cost of Goods Sold $127,500
Credit Inventory$127,500 (1,500 x $85)
To record the cost of sales of 1,500 units
Feb. 10 Debit Inventory $4,725,000
Credit Accounts Payable $4,725,000
To record the purchase of 54,000 units.
Feb. 16 Debit Accounts Receivable $4,320,000
Credit Sales Revenue $4,320,000
To record the sale of 27,000 units.
Feb. 16 Debit Cost of Goods Sold $2,328,750
Credit Inventory$2,328,750 (13,500 x $85 + 13,500 x $87.50)
To record the cost of sales of 27,000 units
Feb. 28 Debit Accounts Receivable $4,080,000
Credit Sales Revenue $4,080,000
To record the sale of 25,500 at $160 each.
Feb. 28 Debit Cost of Goods Sold $2,231,250
Credit Inventory$2,231,250 (25,500 x $87.50)
To record the cost of sales of 25,500 units
Mar. 5 Debit Inventory $4,027,500
Credit Accounts Payable $4,027,500
To record the purchase of 45,000 units at $89.50
Mar. 14 Debit Accounts Receivable $4,800,000
Credit Sales Revenue $4,800,000
To record the sale of 30,000 units at $160 each.
Mar. 14 Debit Cost of Goods Sold $2,655,000
Credit Inventory$2,655,000 (15,000 x $87.50 + 15,000 x $89.50)
To record the cost of sales of 30,000 units
Mar. 25 Debit Inventory $675,000
Credit Accounts Payable $675,000
To record the purchase of 7,500 units.
Mar. 30 Debit Accounts Receivable $4,200,000
Credit Sales Revenue $4,200,000
To record the sale of 26,250 units at $160 each.
Mar. 30 Debit Cost of Goods Sold $2,349,375
Credit Inventory $2,349,375 (26,250 x $89.50)
To record the cost of sales of 26,250 units.
2. Total sales revenue = $15,075,000
Total cost of goods sold for the period = $10,891,875
Journal Entry:
March 31: Debit Accounts Receivable $15,075,000
Credit Sales Revenue $15,075,000
To record the sales for the period.
March 31: Debit Cost of Goods Sold $10,891,875
Credit Inventory $10,891,875
To record the cost of goods sold for the period.
3. The gross profit for the period = $4,183,125 ($15,075,000 - $10,891,875)
4. Ending inventory = $1,010,625
5. The inventory at the end of the period will be lower because the costs of units of the merchandise purchased have been rising. The cost of goods sold will be based on the higher unit costs while the ending inventory will be based on lower unit costs.
Data Analysis:
Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
Jan. 10 Purchase 22,500 85.00 1,912,500
Jan. 28 Sale -11,250 150.00 1,687,500
Jan. 30 Sale -3,750 150.00 562,500
Feb. 5 Sale -1,500 150.00 225,000
Feb. 10 Purchase 54,000 87.50 4,725,000
Feb. 16 Sale -27,000 160.00 4,320,000
Feb. 28 Sale -25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
Mar. 14 Sale -30,000 160.00 4,800,000
Mar. 25 Purchase 7,500 90.00 675,000
Mar. 30 Sale -26,250 160.00 4,200,000
March 31 Inventory
Available for Sale 136,500 $11,902,500 $15,075,000
Units sold 125,250
Ending inventory = 11,250
Ending Inventory = 11,250 (37,500 - 26,250) units.
Cost of ending inventory:
7,500 units at $90 = $675,000
3,750 units at $89.50 = 335,625
11,250 units = $1,010,625
Cost of goods sold:
Cost of goods available for sale = $11,902,500
Ending inventory = $1,010,625
Cost of goods sold = $10,891,875
Total sales revenue = $15,075,000
Total cost of goods sold = $10,891,875
Learn more about last-in, first-out inventory costing method at Learn more about the four inventory costing methods at brainly.com/question/14121444 and brainly.com/question/24188235
