1. A company uses a perpetual inventory system. The company began its fiscal year with an...

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1. A company uses a perpetual inventory system. The company began its fiscal year with an inventory of $267,000. a. Purchases of inventory on account during the year totaled $845,000. b. An inventory costing $902,000 was sold on account for $1,420,000. Requirement: Prepare the journal entries to record these transactions: 2. Refer to the situation described in number 1. Requirement: Prepare the journal entries to record these transactions using a periodic inventory system. 3. A company purchased inventory on account for $100,000. Freight charges to have the inventory shipped to the company's location were $5,000 (paid in cash). Requirement: Assume the company uses a perpetual system. (1) Record the purchase of inventory on account. (2) Record freight charges. 3. A company purchased inventory on account for $100,000. Freight charges to have the inventory shipped to the company's location were $5,000 (paid in cash). Requirement: Assume the company uses a perpetual system. (1) Record the purchase of inventory on account. (2) Record freight charges. 4. Refer to the situation in number 3. Requirement: Assume the company uses a periodic system. (1) Record the purchase of inventory on account (2) Record freight charges 0 5. On December 28, 2024, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of cach sale were 1/10, n/30, VTC uses the gross method to account for purchase discounts a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Requirement (1) Prepare the journal entry on December 28 to record the purchase. (2) Prepare the journal entry to record the payment on January 6 6. Refer to the situation described in number 5. Assuming that VTC uses the net method to account for purchase discounts. Requirement: (1) Prepare the journal entry for December 28. (2) Prepare the journal entry to record the payment on January 6. 7. A company purchase inventory on account for $250,000. The company returned $20,000t of the inventory to the supplier for credit. Requirement: Assume the company uses a perpetual inventory system. (1) Record the purchase of inventory on account. (2) Record the purchase return. 8. Refer to the situation described in number 7. Assuming that the company uses a periodic inventory system. Requirement: (1) Record the purchase of inventory on account. (2) Record the return. 9. Dinoland Manufacturing shipped consignment inventory of $200.000 to Storing Company on December 1, 2024. Storing agrees to sell the inventory for a 10% sales commission, which Dinoland maintains title and control over pricing. By the endo of the year, $60,000 of the inventory had been sold by Storing to customers for $90,000. Requirement: Determine how much of this inventory, if any would Dinoland include in ending inventory its December 31,2024, balance sheet? 10. A company began its fiscal year with inventory of $186,000. Purchases and the cost of goods sold for the year were $945,000 and $982,000, respectively. Requirement: What was the amount of ending inventory reported in the balance sheet? 1. A company uses a perpetual inventory system. The company began its fiscal year with an inventory of $267,000. a. Purchases of inventory on account during the year totaled $845,000. b. An inventory costing $902,000 was sold on account for $1,420,000. Requirement: Prepare the journal entries to record these transactions: 2. Refer to the situation described in number 1. Requirement: Prepare the journal entries to record these transactions using a periodic inventory system. 3. A company purchased inventory on account for $100,000. Freight charges to have the inventory shipped to the company's location were $5,000 (paid in cash). Requirement: Assume the company uses a perpetual system. (1) Record the purchase of inventory on account. (2) Record freight charges. 3. A company purchased inventory on account for $100,000. Freight charges to have the inventory shipped to the company's location were $5,000 (paid in cash). Requirement: Assume the company uses a perpetual system. (1) Record the purchase of inventory on account. (2) Record freight charges. 4. Refer to the situation in number 3. Requirement: Assume the company uses a periodic system. (1) Record the purchase of inventory on account (2) Record freight charges 0 5. On December 28, 2024, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of cach sale were 1/10, n/30, VTC uses the gross method to account for purchase discounts a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Requirement (1) Prepare the journal entry on December 28 to record the purchase. (2) Prepare the journal entry to record the payment on January 6 6. Refer to the situation described in number 5. Assuming that VTC uses the net method to account for purchase discounts. Requirement: (1) Prepare the journal entry for December 28. (2) Prepare the journal entry to record the payment on January 6. 7. A company purchase inventory on account for $250,000. The company returned $20,000t of the inventory to the supplier for credit. Requirement: Assume the company uses a perpetual inventory system. (1) Record the purchase of inventory on account. (2) Record the purchase return. 8. Refer to the situation described in number 7. Assuming that the company uses a periodic inventory system. Requirement: (1) Record the purchase of inventory on account. (2) Record the return. 9. Dinoland Manufacturing shipped consignment inventory of $200.000 to Storing Company on December 1, 2024. Storing agrees to sell the inventory for a 10% sales commission, which Dinoland maintains title and control over pricing. By the endo of the year, $60,000 of the inventory had been sold by Storing to customers for $90,000. Requirement: Determine how much of this inventory, if any would Dinoland include in ending inventory its December 31,2024, balance sheet? 10. A company began its fiscal year with inventory of $186,000. Purchases and the cost of goods sold for the year were $945,000 and $982,000, respectively. Requirement: What was the amount of ending inventory reported in the balance sheet?