Question: I need help with the inventory boxes. As this is a new store, merchandise has been purchased on account to sell at the store. The
I need help with the inventory boxes.
As this is a new store, merchandise has been purchased on account to sell at the store. The information below relates to the purchase and sales of the new products.
Use the perpetual inventory method with the FIFO valuation method. Please see the "Milestone Inventory" tab in your workbook for purchase and sales information.
August 25: Purchased 15 golf club sets for $240 each to sell at the store from vendor A, on account with terms of 1/10 net 60.
September 16: Purchased 25 bicycles for $75 each to sell at the store from vendor B, on account with terms of 1/10 net 60.
September 24: Paid $750 toward merchandise from vendor A.
September 30: Recorded impact of sales transaction on COGS and the inventory asset.
October 18: Paid $650 toward merchandise from vendor B.
October 25: Paid remaining payable for merchandise from vendor A.
October 26: Purchased 25 more golf club sets for $250 each to sell at the store from vendor A, on account with terms of 1/10 net 60.
October 31: Recorded impact of sales transaction on COGS and the inventory asset.
November 10: Paid remaining payable for merchandise from vendor B.
November 16: Purchased 35 more bicycle sets for $85 to sell at the store each from vendor on account with terms of 2/10 net 30.
November 20: Paid vendor B in full and took advantage of the discount (offset COGS).
November 30: Recorded impact of sales transaction on COGS and the inventory asset.
December 10:Paid $4500 toward payable for merchandise from Vendor A.
December 31: Recorded impact of sales transaction on COGS and the inventory asset.
M A B C E G Batter Up General Journal Entries FIFO Purchases Sales Ending Inventory No. of Total Date Items Unit Price Total Price No, of Items Unit Price Price No. of Items Unit Price Total Price Date Accounts Debit Credit Golf Club S| 25-Aug [Insert val [Insert ve/ #VALUE! 15 $ 240.00 ####### 25-Aug Accounts Receivable (Vendor AREA $ 3,600.00 30-Sep [Insert value] $ 240.00 ###### [Insert value] [Insert value]] #VALUE! Inventory $ 3.600.00 26-Dot [Insert val [Insert ve #VALUE! [Insert value] #VALUE! 31-Oct [Insert value] [Insert value] #VALUE! [Insert value] [Insert value] #VALUE! 16-Sep Inventory (Bieyles) $187500 31-Dlet [Insert value] [Insert value] #VALUE! [Insert value] [Insert value] #VALUE Accounts Payable (Vendor B) $ 1875.00 10 30-Nov [Insert value] [Insert value] (#VALUE! [Insert value] [Insert value] #VALUE 31-Dec [Insert value] [Insert value] (#VALUE! [Insertvalue] [Insert value] #VALUE! 24-Sep Accounts Payable (Vendor A)" 074$ 750 00 12 Cash MARKHAM$ 750.00 13 Net Inventor 14 0 #VALUE! 0 #VALUE! [Insert value] #VALUE! 30-Sep Cost of Goods Sold $ 1920 00 Inventory (Golf Club Sets] $ 1920.00 17 Bicycles 16-Sep [Insert val [Insert ve #VALUE! |$ -Insert value] [Insert value] #VALUE! 30-Sep Insert text)MAN [Insert value] 30-Sep [Insert value] [Insert value] (#VALUE! |[Insert value] [Insert value] #VALUE! [Insert text ] [Insert value] 19 31-Oct [Insert value] [Insert value] #VALUE! [Insert value] [Insert value] #VALUE! 20 16-Nov [Insert val [Insert ve #VALUE! Insert value] #VALUE! 18-Oct Accounts Payable [vendor B) $650 00 21 30-Now [Insert value] [Insert value] |#VALUE! |[Insert value] [Insert value] #VALUE! Cash 22 30-Nov $650.00 [Insert value] [Insert value] #VALUE! [Insert value] [Insert value] #VALUE! 23 31-Dec [Insert value] [Insert value] (#VALUE! [Insert value] [Insert value] 24 #VALUE! 25-Oct Accounts Payable (Vendor A) $ 2.850 00 25 Cash $ 2,850.00 Net Inventor 26 #VALUE! "#VALUE! [Insert value] #VALUE! 27 26-Oct Inventory (Golf Club Sets] $ 6.250.00 28 Accounts Payable (Vendor A] $6,250.00 29 30 31-Oct Cost of Goods [Insert value] 31 Merchandise Inventory Inventory [Golf Club Sets) VENDOR A VENDORB [Insert value] 32 Golf Clubs Bicycles 33 3,600.00 $ 1 187500 $3,600.00 $ 1,875.00 61-Oct Cost of Goods $900 00 34 $ (750.00) $ (1,920.00) #VALUE! IInventory (Bicycles) $ 900 00 35 $ 6,250.00 $ (900.00) 36 #VALUE! $ 2.975,00 [Insert value] 10-Now Accounts Payable (Vendor B)IN $ 1225.00 37 #VALUE! #VALUE! mash 38 $ 1.225.00 #VALUE! 39 #VALUE! $ 2,850.00 1.875.00 16-Nov Inventory (Bicycles) $ 2.975.00 Chart of Accounts Accounts Payable Milestone Journal Entries Corrected Journal Entries $ 2,975.00 Milestone Inventory Ready Corrected Inventory Ledger Accounts Income S ... IM[Insert value] 26-Oct Inventory (Golf Club Sets)] $ 6.250 00 Accounts Pevable (Vendor a)] 16.250.00 31-Oct Cost of Goods Insert valu=]] Inventory (Golf Club Sets [Insert u lue] VENDORA VENDORB 3.600.00 $ 1,875.00 81-Oct Cost of Goods (750.00) $ Inventory (Bicycles) 1900. 00 [Insert value]. 10-Now Accounts Payable (vendor B) $1 225 00 Cash # 1.225.00 $ 2,850.00 # 1875.00 16-Nov Inventory (Biovoles)] 1 237500 Accounts Payable $ 2,375.00 20-Now Accounts Payable Ivendor B) [Insert value) Cash [Insert value] Cost of Goods Sold [Insert value] BU Now Cost of Goods Sold Insert value] Inventory (Golf Club Sets) [[Insert value] 30-Nou Cost of Goods Sold [ [Insert value] I "Inventory ( Bicycles) [Insert value] 10-Wec Accounts Payable (vendor A)] $ 4 500,00 Dash $ 4.500.00 31-Dec Cost of Goods Sold [Insert value] Inventory [Golf Club Sets] [Insert value) 51-Dec Cost of Goods Sold Insert value] Inventory (Bicycles) [Insert value) $27,495.00 $27,495.00
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