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WCP6-39 (similar to) Better Boat Company is a service based company that rents canoes for use on local lakes and rivers during 2018. In addition to rental serices, at the beginnng of January 2019. Better Boat Company decided to carry and sell T-shirts with its logo printed on them Better Boat Company uses the perpetual inventory system to account for the inventory. During February 2019, Better Boat Company completed the following merchandising transactions Click the icon to view the transactions) Read the requitements Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Requirement 1. Assume Better Boat Company began February with 120 T-shirts in inventory that cost $11 each Prepare the porpotua inventory records for February using the FIFO inventory costing method Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction We will complete the schedule for the first five dates in this step, the next five dates in the following stop, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the ond of the period (Enter the oldest alory layers first Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost 120$ 11 S 1320 Date Cost Cost Cost Quantity Cost Quantity Feb. 1 11 60S 660 60 S 660 11 S 2 60 $ 11$ 660 5 80$ 13 $ 1,040 80 $ 13 S 1040 910 70 $ 13 $ 660 60 $ 11 S 7 13 10 S 130 520 13 S 30$ 390 13 S 40$ 8 390 30 S 13 S 45$ 16 S 10 720 720 45 $ 16 IS 30$ 13 $ 390 65 $ 16 $ 12 1,040 45 $ 16 720 16 1,40 65 S 30 S 13 S 390 13 16 16 1s 13 390 30 65 80$ 13 S 1,040 16 $ 15 1,040 30 13 390 1,320 11 $ 13 390 120 $ 65 $ 20 120 S 11 s 1,320 Feb. 2 Sold 60 T-shirts at $23 each Purchased 80 T-shirts at $13 each. Feb. 5 Feb. 7 Sold 70 T-shirts for $23 each. Feb. 8 Sold 40 T-shirts for $23 each. Better Boat Company realized the inventory was running low, so it placed a rush order and Feb. 10 purchased 45 T-shirts. The premium cost for these shirts was $16 each Feb. 12 Placed a second rush order and purchased 65 T-shirts at $16 each Feb. 13 Sold 45 T-shirts for $23 each Feb. 15 Purchased 80 T-shirts for $13 each. In order to avoid future rush orders, purchased 120 T-shirts Due to the volume of the order, Feb. 20 Better Boat Company was able to negotiate a cost of $11 each Feb. 21 Sold 50 T-shirts for $23 each. Feb. 22 Sold 90 T-shirts for $23 each. Feb. 24 Sold 10 T-shirts for $23 each Feb. 25 Sold 70 T-shirts for $23 each Feb. 27 Sold 20 T-shirts for $23 each 1. Assume Better Boat Company began February with 120 T-shirts in inventory that cost $11 each. Prepare the perpetual inventory records for February using the FIFO inventory costing method 2. Provide a summary for the month, in both units and dollars, of the change in inventory in the following format: Number of T-shirts Dollar Amount Beginning Balance Add: Purchases Less: Cost of Goods Sold Ending Balance
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