Problem $1$ : P$6-28$A $($FIFO$)$

Background:

Fit Gym began January with merchandise inventory of $78$ crates of vitamins that cost a total of $$4,290.$ Fit Gym uses the perpetual inventory system, accounts for its merchandise using the FIFO inventory costing method, and estimates returns at the end of each month. Fit Gym$\text{'}$s January transactions related to merchandise inventory are included in the Transactions section below.

Assignment:

Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction.

Click the Reports tab and review the results of recording these transactions on the General Ledger.

Click Submit Work when complete.

Transactions:

$01/05/2018$ Purchased $156$ crates of vitamins for $$64$ each on account. Terms n$/30,$ FOB destination.

$01/13/2018$ Sold $180$ crates of vitamins on account for $$100$ each. Terms $\frac{1}{10},\frac{n}{30}.$ FOB destination. $($Determine Cost of Goods Sold and recor two separate entries$)$

$01/14/2018$ Paid for the vitamins purchased on January $5.$

$\frac{01}{15}\frac{?}{2018}$ Paid a $$40$ freiaht bill related to the Januarv $13$ sale.

Business

REPORTS

January $1,2018-$ January $31,2018$

COMPANY INFORMATION

CHART OF ACCOUNTS

GENERAL JOURNAL