(Solved): Instructions Chart of Accounts FIFO General Journal Final Questions Instructions The beginning inven ...

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Required: 1. Record the inventory, purchases, and cost of goods 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 fotal cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your journal entry March 31. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, frst-out method to be higher or lower? Instructions Chart of Accounts FIFO General Journal Final Questions Shart of Accounts CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Recelvable 131 Notes Receivable 132 Interest Receivabie 141 inventory 145 Otlice Supplies 146 Store Supplies 151 Prepaid insurance REVENUE 410 Sales 610 interest Revenue EXPENSES 510 Cost of Goods Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense Instructions Chart of Accounts FIFO General Journal Final Questions Thart of Accounts 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable 531 Advertising Expense 532 Delivery Expense 533 insurance Expense 534 Office Supplies Expense 535 Rent Expense 536 Repairs Expense 537 Selling Expenses 538 Store Supplies Expense 561 Depreciation Expense-Orfice Equipment 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock Instructions Chart of Accounts. FIFO General Journal Final Questions Shart of Accounts 193 Store tquipment DOJ reit Experise 194 Accumulated Depreciation-Store Equipment 536 Repairs Expense 537 Selling Expenses LLABILITIES 538 Store Supplies Expense 210 Accounts Payabie 561 Depreciation Expense-Office Equipment 221 Notes Payable 562 Depreciation Expense-Store Equipment 222 Interest Payable 590 Miscellaneous Expense 231 Salaries Payabie 710 Interest Expense 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructions Chart of Accounts FIFO General Joumal Final Questions FIFO \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} Date \\ Date \end{tabular}} & \multicolumn{3}{|c|}{ Purchases } & \multicolumn{2}{|r|}{ Cost } \\ \hline & Quantity & Unit Cost & Total Cost & Quantity & \\ \hline \multicolumn{6}{|l|}{ Jan. 1} \\ \hline 10 & 8 & $\$$ & $\$$ & & \\ \hline 10 & & & & & \\ \hline 28 & & & & & 5 \\ \hline 28 & & 8 & & & 5 \\ \hline 30 & & & & - & 5 \\ \hline Feb. 5 & & & & & $\$$ \\ \hline 10 & & $\$$ & $\$$ & & \\ \hline \multicolumn{6}{|l|}{10} \\ \hline 16 & & & & & s \\ \hline 16 & & & & & $\$$ \\ \hline 28 & & & & & s \\ \hline Mar. 5 & & $\$$ & $\$$ & & - \\ \hline \end{tabular} Instructions Chart of Accounts FIFO General Journal Final Questions FIFO Feb. 5 10 S \$ 10 16 16 28 Mat. 5 $\$$ \$s 5 14 14 25 $\$$ s 25 30 30 31 Balances 2. Determine the total sales and the total cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goo Assume that all sales were on occount and dote your journal entry March 31. General Jowmal instructions 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31 . 5. Based upon the preceding data, would you expect the Higher Lower