-entry hers dmilarmps, table-, and floor Irps JLCuses a perpetual wentory system

Question

-entry hers dmilarmps, table-, and floor Irps JLCuses a perpetual wentory system, FIFO method. JLC owns land with a building. which is separated nte twe parts: offioe space and warehouse space. All expenses associated with EEE(Click the icon to view the Merchandise Inventory.) Inventory as of September 30 consists of the following lamps: During the fourth quarter of 2018, JLC comploted the following transactions as Administrative Expenses. All expenses associated ffice are categorized wth the warehouse, which is used for the shipping and recelving functions of the ompery, are categorized as Selling Expenses In addition to the land and building, JLC also owns office furniture and equipment and warehouse fxtures The company uses one acoumulated deprociation account for all the depreciable Read the requirements (Cick the loon to view the transactions). Requirement 2 and Requiremment Sc. Open inventory records for the three inventory itoms and enter opening balances as of September 30, 2018 inventory reoonds using the following t ocount resulted in the following counts desk lamps 2,482, table lamps,5,991; and foor lamps, 6.900. Update the inventory records ransactions: Oct. 1, 12, 15, 28, Nov. 1, 5, 15, 18, and Dec. 27. For the year ended December 31,2018, a physical inventory Begin with the inventony recand for desk lamps. Enter the transations in chronological order, caloulating new inventory on hand balances afer each transaction. Once a of the transactions have been entered into the perpetual record, calculate the quantty and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers irat Cost of Goods Sold Inventory on Hand Desk lamps: tTotal Uni Total UnitTotal Date Quantity CostCost Quantity Costst Quantity Cost Cost 2.200 41S 8,800 Enter any number in the edt telds and then click Check Answer 55 Paning Clear All Check Answer MacBook Air 8 D F G

Explanation / Answer

Table lamps: Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Sep. 30 3500 17 59500 Oct. 1 6500 22 143000 3500 17 59500 6500 22 143000 12 3500 17 59500 6400 22 140800 100 22 2200 28 2900 22 63800 3500 22 77000 Nov. 5 9000 24 216000 3500 22 77000 9000 24 216000 Nov. 18 2100 22 46200 1400 22 30800 9000 24 216000 Dec. 27 1400 22 30800 6000 24 144000 3000 24 72000 31 9 24 216 5991 24 143784 Totals 15500 359000 13009 274716 5991 143784

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