- UU - Accounting 1 Uyy D. INVENTORY COSTING METHODS (11 Marks) cost formula The Mana Company uses the perpetual inventory system and the weighted average cost form following information is available for the month of June: Date Explanation Units Jun 1 Unit Cost Beginning Inventory 200 $ 10 Jun 15 Purchase Jun 17 Sale 250 Jun 24 Purchase 300 400 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month or June. British Columbia Institute of Technology FMGT 1100 - Accounting 1 C. PERPETUAL JOURNAL ENTRIES (14 Marks) Quinton Landscaping sells mowers and other lawn maintenance equipment. The tone relates to its inventory of mowers, which is accounted for using the perpetualne June 3 Purchased 35 mowers at $ 400 each from Keep It-Green Equipment, terms shipping point. 4 The correct company paid freight of $ 1,200 on the June 4 purchase. 10 Returned 4 of the mowers purchased on June 3. 30 Paid the Keep-It-Green account in full. equipment. The following information ne the perpetual inventory method: n Equipment; terms 2/10, net 30, FOB Instructions a) Prepare the journal entries to record these transactions. b) Determine the ending balance in the Merchandise Inventory account at June 30. There was no inventory at the beginning of the period.)