1. Bulsara Furniture uses a perpetual system and had the following transactions during September. Record the...

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1. Bulsara Furniture uses a perpetual system and had the following transactions during September. Record the journal entries for the transactions. Sept. 1 Bulsara sold furniture on credit for $5,000 (3/10, N/30), with a cost of $3,500 Purchased furniture from Taylor, Co. for $720 cash Bulsara purchased more inventory from Taylor, Co. on credit for $2,600, terms 1/20, N/30 34 S 11 15 18 23 24 31 A customer returned $300 worth of furniture purchased on Aug. 29. It had a cost of $210. Bulsara received payment for the furniture sold on September 1. Bulsara returned $600 of damaged furniture purchased on Sept. 4, to Taylor, Co. Bulsara paid $200 in freight charges for tables ordered last month. Paid Taylor, Co for the remaining amount owed on the Sept. 4th purchase. Bulsara sold $7,000 worth of furniture on credit. It had a cost of $4,900 and 2/10, N/30 terms. Bulsara received payment for the merchandise it sold on Sept. 24 2. Kix Company made the following merchandise purchases and sales during the month of May: May 1 purchased 380 $15 each $17 cach 270 May 5 purchased May 10 sold 400 $50 each 300 $22 each May 20 purchased May 25 sold 400 $50 each units at units at units at units at units at There was no beginning inventory. a. What would costs be if uses LIFO? b. What would costs be if uses FIFO? c. What would costs be if uses weighted average? 1. Bulsara Furniture uses a perpetual system and had the following transactions during September. Record the journal entries for the transactions. Sept. 1 Bulsara sold furniture on credit for $5,000 (3/10, N/30), with a cost of $3,500 Purchased furniture from Taylor, Co. for $720 cash Bulsara purchased more inventory from Taylor, Co. on credit for $2,600, terms 1/20, N/30 34 S 11 15 18 23 24 31 A customer returned $300 worth of furniture purchased on Aug. 29. It had a cost of $210. Bulsara received payment for the furniture sold on September 1. Bulsara returned $600 of damaged furniture purchased on Sept. 4, to Taylor, Co. Bulsara paid $200 in freight charges for tables ordered last month. Paid Taylor, Co for the remaining amount owed on the Sept. 4th purchase. Bulsara sold $7,000 worth of furniture on credit. It had a cost of $4,900 and 2/10, N/30 terms. Bulsara received payment for the merchandise it sold on Sept. 24 2. Kix Company made the following merchandise purchases and sales during the month of May: May 1 purchased 380 $15 each $17 cach 270 May 5 purchased May 10 sold 400 $50 each 300 $22 each May 20 purchased May 25 sold 400 $50 each units at units at units at units at units at There was no beginning inventory. a. What would costs be if uses LIFO? b. What would costs be if uses FIFO? c. What would costs be if uses weighted average?

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