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For your inventory tracking tab and the events recorded to the accounting equation, you can assume the following: o The company uses FIFO as the method to record/track inventory o Beginning inventory is made up of 14,000 units originally purchased at $2.00 per unit which equals Beginning Inventory of $28,000. Year 2 Transaction List: hent - Financial Statements & Flexible Budget . . . . . . Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Paid $494,150 of Accounts Payable Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . Goods Available for Sale Price/ Units Unit Total Cost of Goods Sold Price/ Units Total Ending Inventory Price/ Units Unit Total Unit 2 3 Beg Bal 4 Purchases: 5 6 7 8 9 10 11 12 13 Total 14 15 NOTE: You will need to calculate your estimated COGS for the budget template tab using the weighted Avergae method 16 discussed in LO5-6 17 For your inventory tracking tab and the events recorded to the accounting equation, you can assume the following: o The company uses FIFO as the method to record/track inventory o Beginning inventory is made up of 14,000 units originally purchased at $2.00 per unit which equals Beginning Inventory of $28,000. Year 2 Transaction List: hent - Financial Statements & Flexible Budget . . . . . . Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Paid $494,150 of Accounts Payable Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . Goods Available for Sale Price/ Units Unit Total Cost of Goods Sold Price/ Units Total Ending Inventory Price/ Units Unit Total Unit 2 3 Beg Bal 4 Purchases: 5 6 7 8 9 10 11 12 13 Total 14 15 NOTE: You will need to calculate your estimated COGS for the budget template tab using the weighted Avergae method 16 discussed in LO5-6 17