ignmentSessionLocator=
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Date Transaction Number
of Units Per Unit Total
Jan. 1 Inventory 9,000 $60.00 $540,000
Jan. 10 Purchase 21,000 70.00 1,470,000
Jan. 28 Sale 10,250 140.00 1,435,000
Jan. 30 Sale 5,750 140.00 805,000
Feb. 5 Sale 3,500 140.00 490,000
Feb. 10 Purchase 39,500 75.00 2,962,500
Feb. 16 Sale 15,000 150.00 2,250,000
Feb. 28 Sale 10,000 150.00 1,500,000
Mar. 5 Purchase 25,000 82.00 2,050,000
Mar. 14 Sale 30,000 150.00 4,500,000
Mar. 25 Purchase 10,000 88.40 884,000
Mar. 30 Sale 19,000 150.00 2,850,000
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.
