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Beginning inventory, purchases, and sales data for personal organizers are as follows:
Jan 1 Beginning Inventory
45 units @ $24
3 Sold 35 units
8 Purchased 70 units @ $32
21 Sold 65 units
30 Purchased 25 units @ $47
Instructions: 1 – Using the above transactions prepare the perpetual inventory record using each of the costing methods listed below. 2 – In the space provided below identify the ending inventory balance and cost of goods sold for June under each method.
a)
FIFO
b)
LIFO
c)
Weighted Average
(Round unit cost to the nearest cent and total
costs to the nearest dollar)
FIFO
|
Purchases |
Cost of Goods Sold |
Inventory On Hand |
|||||||||||||||||||||||||||
|
Date |
Quantity |
Unit Cost |
Total Cost |
||||||||||||||||||||||||||
|
Jan 1 |
1080 |
||||||||||||||||||||||||||||
|
Jan 3 |
Ending Inventory:
Cost of Goods Sold:
LIFO
Ending Inventory: Cost of Goods Sold: Weighted Average
Ending Inventory: Cost of Goods Sold:
Problem 3 (14 points)
Lawlor Lawn Service had the following transactions in June. Prepare journal entries for these transactions assuming Lawlor Lawn Service uses a perpetual inventory system.
Jun 2 Completed lawn service and received cash of $800
5 Purchased 110 plants on account for inventory, $304, plus freight in
of $15
15 Sold 60 plants on account, $600
17 Consulted with a client on landscaping design for a fee of $250 on
account
20 Purchased 120 plants on account for inventory, $384
21 Paid on account, $400
25 Sold 110 plants for cash, $990
Extra Credit for June 30th transaction
30 Recorded the following adjusting entries
Depreciation, $30
Physical count of plant inventory, 30 plants
|
GENERAL JOURNAL |
||||
|
DATE |
DESCRIPTION |
REF |
DEBIT |
CREDIT |
Beginning inventory, purchases, and sales data for personal organizers are as follows:
Jan 1 Beginning Inventory 45 units @ $24
3 Sold 35 units
8 Purchased 70 units @ $32
21 Sold 65 units
30 Purchased 25 units @ $47
Instructions:
1 – Using the above transactions prepare the perpetual inventory record using each of the costing methods listed below. 2 – In the space provided below identify the ending inventory balance and cost of goods sold for June under each method.
a) FIFO
b) LIFO
c) Weighted Average (Round unit cost to the nearest cent and total
costs to the nearest dollar)
FIFO
| FIFO |
Purchases |
Cost of Goods Sold |
Inventory On Hand |
||||||||||||||||||||||||||
|
Date |
Quantity |
Unit Cost |
Total Cost |
||||||||||||||||||||||||||
|
Jan 1 |
45 |
24 |
1080 |
||||||||||||||||||||||||||
|
Jan 3 |
|||||||||||||||||||||||||||||
|
|
Ending Inventory:
Cost of Goods Sold:
LIFO
| LIFO |
Ending Inventory:
Cost of Goods Sold:
Weighted Average
| Weighted Average |
Ending Inventory:
Cost of Goods Sold:
Problem 3 (14 points)
Lawlor Lawn Service had the following transactions in June. Prepare journal entries for these transactions assuming Lawlor Lawn Service uses a perpetual inventory system.
Jun 2 Completed lawn service and received cash of $800
5 Purchased 110 plants on account for inventory, $304, plus freight in
of $15
15 Sold 60 plants on account, $600
17 Consulted with a client on landscaping design for a fee of $250 on
account
20 Purchased 120 plants on account for inventory, $384
21 Paid on account, $400
25 Sold 110 plants for cash, $990
Extra Credit for June 30th transaction
30 Recorded the following adjusting entries
Depreciation, $30
Physical count of plant inventory, 30 plants
|
GENERAL JOURNAL |
||||
|
DATE |
DESCRIPTION |
REF |
DEBIT |
CREDIT |
