Problem 6-2A

Problem 6-2A Vista Distributors began July with an inventory of 30 units that cost $300 each. During the month, the t purchases inventory in crates of merchandise. Assume the company company purchased and sold merchandise on account as shown: Jul. 10 Purchased 30 units at $320. 15 Sold 40 units at $700 22 Purchased 70 units at $350 29 Sold 75 units at $800 Assume Vista Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. Cash payments on account totalled $15,000. Company operating expenses for the month were $30,000. The company paid one-half in cash, with the rest accrued as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journal entries to record the company's transactions. Problem 6-3A Refer to the Vista Distributors situation in Problem 6-2A. Keep all the data unchanged, A except assume that Vista uses the moving-weighted-average-cost method. Required 1. Prepare a perpetual inventory record at moving-weighted-average cost. Round the 1 average unit cost to the nearest cent and all other amounts to the nearest dollar. 2. Prepare a multi-step income statement for Vista Distributors for the month of January NMENT1 DO NOT T