$\backslash$table$[[$Date$,$Transaction,Quantity,,Price per Unit$],[1-$Jan,Beginning Inventory,$88,$$$,42\mathrm{.}00],[7-$Apr,Purchase,$194,$$$,44\mathrm{.}00],[16-$Jul,Purchase,$484,$$$,47\mathrm{.}00],[6-$Oct,Purchase,$114,$$$,48\mathrm{.}00],[,$Totals,$880,,]]$

Prepare a summary entry to record all purchases for the year, assuming all items were purchased on account.

The company sold the following units during the year.

Quantity

Sales Price

$704$$$,60\mathrm{.}00$

Calculate the Cost of Goods Sold, Ending Inventory, Sales Revenue and Gross Profit under each of the following methods. For Average Cost, round all calculations to $2$ decimal places:

Cost of Goods Sold

Ending Inventory

Sales Revenue

Gross Profit

$\backslash$table$[[$FIFO$,$LIFO,Average Cost$],[,,],[,,],[,,]]$

Prepare a summary entry to record all $($a$)$ sales and $($b$)$ cost of goods sold for the year, assuming all items were sold on account and the company uses LIFO inventory.JC Bikes has the following transactions during the month of May. Analyze each transaction and record the entry assuming the company uses a perpetual inventory system. The company had beginning bike inventory costing $$2,000$

May $2-$ Purchased bikes from Bikers R Us Wholesale for $$12003,$ terms $\frac{1}{10},\frac{n}{30},$ FOB Shipping Point.

May $3-$ Pays cash for frieght costs of $$500$ on bikes purchased from BRU on May $2.$

May $5-$ Returns bikes with a cost of $$1203$ to BRU because part of the order is incorrect.

May $10-$ Pays the full amount due to BRU.

May $18-$ Sold all the bikes in inventory for $$21300,$ terms $\frac{2}{10},\frac{n}{30}$; FOB shipping point.

May $27-$ Received payment in full from the May $18$ sale.