Using the following information, fill in the entries in the T-accounts: 1/20 Pur
ID: 2386224 • Letter: U
Question
Using the following information, fill in the entries in the T-accounts:1/20 Purchased Units 75 @ $17 = $1,275
4/21 Purchased Units 450 @ $19 = $8,550
7/25 Purchased Units 200 @ $23 = $4,600
9/19 Purchased Units 100 @ $29 = $2,900
Available for Sale: 825 $17,325
During this year, Bristol Sales sold 775 DVDs for $60 each.
(1) FIFO
Cash
2012 1/20
4/21
7/25
9/19
Bal:
Sales Revenue
2012
Bal:
Cost of Goods Sold
2012
Bal:
Merchandise Inventory
1/20
4/21
7/25
9/19 2012
Bal:
(2) LIFO:
Cash
2012 1/20
4/21
7/25
9/19
Bal:
Sales Revenue
2012
Bal:
Cost of Goods Sold
2012
Bal:
Merchandise Inventory
1/20
4/21
7/25
9/19 2012
Bal:
(3) Weighted Average:
Cash
2012 1/20
4/21
7/25
9/19
Bal:
Sales Revenue
2012
Bal:
Cost of Goods Sold
2012
Bal:
Merchandise Inventory
1/20
4/21
7/25
9/19 2012
Bal:
Explanation / Answer
(1) FIFO Cash 2012 1/20 -1,275 4/21 -8,550 7/25 -4,600 9/19 -2,900 Bal: -17,325 Sales Revenue 2012 Bal: 46,500 Cost of Goods Sold 2012 Bal: 15,875 Merchandise Inventory 1/20 1,275 4/21 8,550 7/25 2,600 9/19 2012 2,900 Bal: 17,325 (2) LIFO: Cash 2012 1/20 -1,275 4/21 -8,550 7/25 -4,600 9/19 -2,900 Bal: -17,325 Sales Revenue 2012 Bal: 46,500 Cost of Goods Sold 2012 Bal: 16,475 Merchandise Inventory 1/20 1,275 4/21 8,550 7/25 2,600 9/19 2012 2,900 Bal: 17,325 (3) Weighted Average: 2012 1/20 -1,275 4/21 -8,550 7/25 -4,600 9/19 -2,900 Bal: -17,325 Sales Revenue 2012 Bal: 46,500 Cost of Goods Sold 2012 Bal: 16,275 Merchandise Inventory 1/20 1,275 4/21 8,550 7/25 2,600 9/19 2012 2,900 Bal: 17,325
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