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 7,500 $ 75.00 $ 562,500
10 Purchase 22,500 85.00 1,912,500
28 Sale 11,250 150.00 1,687,500
30 Sale 3,750 150.00 562,500
Feb. 5 Sale 1,500 150.00 225,000
10 Purchase 54,000 87.50 4,725,000
16 Sale 27,000 160.00 4,320,000
28 Sale 25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Sale 30,000 160.00 4,800,000
25 Purchase 7,500 90.00 675,000
30 Sale 26,250 160.00 4,200,000
Required:
1. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
2. Determine the ending inventory cost as of March 31.

Total Sales $19875,000

Cost Of Goods Sold:  $ 11902,000

Gross Profit $ 7973,000

Ending Inventory  11,250 units

Explanation:

Midnight Supplies

DATA

Date          Transaction        Number of Units     Per Unit     Total

Jan. 1               Inventory               7,500               $ 75.00    $ 562,500

10                      Purchase            22,500              85.00         1,912,500

28                          Sale                11,250               150.00        1,687,500

30                        Sale                 3,750                150.00          562,500

Feb. 5                 Sale                  1,500                150.00          225,000

10                   Purchase             54,000               87.50         4,725,000

16                     Sale                    27,000              160.00        4,320,000

28                    Sale                    25,500              160.00         4,080,000

Mar. 5              Purchase            45,000             89.50            4,027,500

14                      Sale                  3 0,000            160.00            4,800,000

25                 Purchase               7,500               90.00                675,000

30                    Sale                   26,250                160.00           4,200,000

Total Sales $19875,000

Date          Transaction        Number of Units     Per Unit     Total

Jan.

28                          Sale                11,250               150.00        1,687,500

30                        Sale                 3,750                150.00          562,500

Feb. 5                 Sale                  1,500                150.00          225,000

16                     Sale                    27,000              160.00        4,320,000

28                    Sale                    25,500              160.00         4,080,000

Mar 14                 Sale                  3 0,000            160.00           4,800,000

30                    Sale                   26,250                160.00           4,200,000

Total           Sales                     125250                                  19875,000

Cost Of Goods Sold:$ 11902,000

Date          Transaction        Number of Units     Per Unit     Total

Jan. 1               Inventory               7,500               $ 75.00    $ 562,500

10                      Purchase            22,500              85.00         1,912,500

Feb 10         Purchase             54,000               87.50         4,725,000

Mar. 5              Purchase            45,000             89.50            4,027,500

25                 Purchase               7,500               90.00                675,000

Total                                         136,500                                  $ 11902,000

Gross Profit =             Sales Less COGS  

                          =  $19875,000-   $ 11902,000

                        =  $ 7973,000

2. Ending Inventory = Units Purchased Less Units Sold

                                    = 136,500-125250 = 11,250 units

explanation:

the contractual interest rate is the interest the borrower must pay and the interest the lender receives, or more simply, it is the interest rate stated on a bond whereas the market interest rate is “the investors demand for loaning funds”. therefore, bonds can either be sold at a premium, face value, or discount.

15 pounds of apples and 6 cups of flour