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eginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows:

Date

Transaction Number of Units Per Unit Total
Jan. 1 Inventory 2,500 $60.00 $150,000
10 Purchase 7,500 68.00 510,000
28 Sale 3,750 120.00 450,000
30 Sale 1,250 120.00 150,000
Feb. 5 Sale 500 120.00 60,000
10 Purchase 18,000 70.00 1,260,000
16 Sale 9,000 125.00 1,125,000
28 Sale 8,500 125.00 1,062,500
Mar. 5 Purchase 15,000 71.60 1,074,000
14 Sale 10,000 125.00 1,250,000
25 Purchase 2,500 72.00 180,000
30 Sale 8,750 125.00 1,093,750
Instructions
1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
4. Compare the gross profit and the March 31, 2016, inventories.
Answer
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