= Homework: Comprehensive Problem Set 2 Question 1, CompF6-1 (... Part 2 of 58 HW Score: 4.85%, 4.85 of 100 points Points: 4.85 of 100 Save Requirements The Hughes Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. HLC uses a perpetual inventory system, FIFO method. HLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, HLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. d December 31, 2024, a physical Requirement 2 and Requirement 5c. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the in inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4.490; and floor lamps, 12,900. Update the inventory records. Begin with the inventory record for desk lamps. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Ond hand at the end of the period. (Enter the oldest inventory layers first.) Indise inventory purchased, sold, and on Desk lamps: Purchases Cost of Goods Sold Inventory on Hand 1. Open general ledger T-accounts and enter opening balances as of September 30, 2024. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger: a. Depreciation, $38,500 (65% selling, 35% administrative). b. Supplies on hand: office, $535; warehouse, $545. c. A physical inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4,490; and floor lamps, 12,900. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Hughes Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for HLC as of December 31, 2024: gross profit percentage, inventory tumover, and days' sales in inventory 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Cost Quantity 3400 3400 Sep 30 Oct. 1 12 40800 40,800 4000 | 4 16.000 12 4000 4 16,000 15 700 12|| 8400 Nov. 1 5 15 Print Done Dec. 27 31 Totals Data table $ Hughes Lamp Company Trial Balance September 30, 2024 Balance Account Debit Credit Cash 436,000 Accounts Receivable 0 Merchandise Inventory 122,600 Office Supplies 410 Warehouse Supplies 410 Land 15,000 Building 750,000 Office Furniture and Equipment 140,000 Warehouse Fixtures 350,000 Accumulated Depreciation 248,000 Accounts Payable 0 Common Stock 70,000 Retained Earnings 254,000 Dividends 0 Sales Revenue 2,792,420 Cost of Goods Sold 1,115,000 Salaries Expense-Selling 293,000 Utilities Expense-Selling 37,000 Supplies Expense-Selling 0 Print Done X Data table Item Desk Lamp Table Lamp Floor Lamp Total Quantity Unit Cost Total Cost 3,400 $ 12 $ 40.800 2,000 13 26,000 1,800 31 55,800 $ 122.600 Print Done Oct. 1 Oct. 12 Oct. 15 Oct. 20 Oct. 23 Oct. 28 Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4.000 desk lamps at $4 each 5.500 table lamps at $24 each 5.000 floor lamps at $22 each Sold lamps on account to Moonbeam Home Furnishings, terms 3/10, n/30: 2.400 table lamps at $43 each Sold lamps on account to Acworth Office Supply, terms 2/10,n/30: 700 desk lamps at $24 each Received a check from Moonbeam Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Acworth Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Lance Home Stores, terms 3/10, n/30: 3.100 table lamps at $43 each 1,600 floor lamps at $63 each Paid amount due to Wasatch Lights from Oct. 1 purchase. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,200 (75% selling, 25% administrative) Sold lamps on account to Acworth Office Supply, terms 1/10, n/30: 2,800 desk lamps at $24 each Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4,000 desk lamps at $6 each 8,000 table lamps at $25 each 10,000 floor lamps at $25 each Received a check from Lance Home Stores for full amount owed on Oct. 28 sale. Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $225 for the office: $460 for the warehouse. Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 Nov. 5 Nov. 8 Nov. 10 Nov. 1 Nov. 5 Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Sold lamps on account to Acworth Office Supply, terms 1/10, n/30: 2,800 desk lamps at $24 each Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4,000 desk lamps at $6 each 8,000 table lamps at $25 each 10,000 floor lamps at $25 each Received a check from Lance Home Stores for full amount owed on Oct. 28 sale. Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $225 for the office: $460 for the warehouse. Sold lamps on account to Morgan Office Supply, n/30: 1,500 desk lamps at $24 each Sold lamps on account to Emporium Discount Stores, terms 1/10, n/30: 1,700 table lamps at $43 each 2,300 floor lamps at $63 each Received a check from Emporium Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,260 (75% selling. 25% administrative). Paid amount due to Wasatch Lights from Nov. 5 purchase. Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $30,000 Sold lamps on account to Moonbeam Home Furnishings, terms 2/10, 1/30: 4.400 desk lamps at $24 each 3,800 table lamps at $43 each Paid salaries, $37,000 (65% selling, 35% administrative) Paid utilities, $3,100 (75% selling, 25% administrative). Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Dec. 27 Dec. 31 Dec. 31 = Homework: Comprehensive Problem Set 2 Question 1, CompF6-1 (... Part 2 of 58 HW Score: 4.85%, 4.85 of 100 points Points: 4.85 of 100 Save Requirements The Hughes Lamp Company (HLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. HLC uses a perpetual inventory system, FIFO method. HLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, HLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. d December 31, 2024, a physical Requirement 2 and Requirement 5c. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the in inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4.490; and floor lamps, 12,900. Update the inventory records. Begin with the inventory record for desk lamps. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Ond hand at the end of the period. (Enter the oldest inventory layers first.) Indise inventory purchased, sold, and on Desk lamps: Purchases Cost of Goods Sold Inventory on Hand 1. Open general ledger T-accounts and enter opening balances as of September 30, 2024. 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal 4. Post transactions to the general ledger. 5. Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger: a. Depreciation, $38,500 (65% selling, 35% administrative). b. Supplies on hand: office, $535; warehouse, $545. c. A physical inventory account resulted in the following counts: desk lamps, 1,978; table lamps, 4,490; and floor lamps, 12,900. Update the inventory records. 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Hughes Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. 9. Calculate the following ratios for HLC as of December 31, 2024: gross profit percentage, inventory tumover, and days' sales in inventory 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Cost Cost Quantity 3400 3400 Sep 30 Oct. 1 12 40800 40,800 4000 | 4 16.000 12 4000 4 16,000 15 700 12|| 8400 Nov. 1 5 15 Print Done Dec. 27 31 Totals Data table $ Hughes Lamp Company Trial Balance September 30, 2024 Balance Account Debit Credit Cash 436,000 Accounts Receivable 0 Merchandise Inventory 122,600 Office Supplies 410 Warehouse Supplies 410 Land 15,000 Building 750,000 Office Furniture and Equipment 140,000 Warehouse Fixtures 350,000 Accumulated Depreciation 248,000 Accounts Payable 0 Common Stock 70,000 Retained Earnings 254,000 Dividends 0 Sales Revenue 2,792,420 Cost of Goods Sold 1,115,000 Salaries Expense-Selling 293,000 Utilities Expense-Selling 37,000 Supplies Expense-Selling 0 Print Done X Data table Item Desk Lamp Table Lamp Floor Lamp Total Quantity Unit Cost Total Cost 3,400 $ 12 $ 40.800 2,000 13 26,000 1,800 31 55,800 $ 122.600 Print Done Oct. 1 Oct. 12 Oct. 15 Oct. 20 Oct. 23 Oct. 28 Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4.000 desk lamps at $4 each 5.500 table lamps at $24 each 5.000 floor lamps at $22 each Sold lamps on account to Moonbeam Home Furnishings, terms 3/10, n/30: 2.400 table lamps at $43 each Sold lamps on account to Acworth Office Supply, terms 2/10,n/30: 700 desk lamps at $24 each Received a check from Moonbeam Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Acworth Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Lance Home Stores, terms 3/10, n/30: 3.100 table lamps at $43 each 1,600 floor lamps at $63 each Paid amount due to Wasatch Lights from Oct. 1 purchase. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,200 (75% selling, 25% administrative) Sold lamps on account to Acworth Office Supply, terms 1/10, n/30: 2,800 desk lamps at $24 each Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4,000 desk lamps at $6 each 8,000 table lamps at $25 each 10,000 floor lamps at $25 each Received a check from Lance Home Stores for full amount owed on Oct. 28 sale. Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $225 for the office: $460 for the warehouse. Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 Nov. 5 Nov. 8 Nov. 10 Nov. 1 Nov. 5 Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Sold lamps on account to Acworth Office Supply, terms 1/10, n/30: 2,800 desk lamps at $24 each Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 4,000 desk lamps at $6 each 8,000 table lamps at $25 each 10,000 floor lamps at $25 each Received a check from Lance Home Stores for full amount owed on Oct. 28 sale. Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $225 for the office: $460 for the warehouse. Sold lamps on account to Morgan Office Supply, n/30: 1,500 desk lamps at $24 each Sold lamps on account to Emporium Discount Stores, terms 1/10, n/30: 1,700 table lamps at $43 each 2,300 floor lamps at $63 each Received a check from Emporium Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,260 (75% selling. 25% administrative). Paid amount due to Wasatch Lights from Nov. 5 purchase. Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $30,000 Sold lamps on account to Moonbeam Home Furnishings, terms 2/10, 1/30: 4.400 desk lamps at $24 each 3,800 table lamps at $43 each Paid salaries, $37,000 (65% selling, 35% administrative) Paid utilities, $3,100 (75% selling, 25% administrative). Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Dec. 27 Dec. 31 Dec. 31