O ezto.mheducation.com/hm.tpx CALC HELP LIVE ACCT PB6-5 (Supplement A) Recording

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O ezto.mheducation.com/hm.tpx CALC HELP LIVE ACCT PB6-5 (Supplement A) Recording Inventory Transactions Using Periodic and Per The following information applies to the questions displayed below. of $2.500. The company had Sigfusson Supplies reported beginning inventory of 125 units, for a total cost the following transactions during the month: Jan. 6 Sold 45 shovels on account at a selling price of $30 per unit. 9 Bought 35 shovels on account at a selling price of $20 per unit. 11 Sold 35 shovels on account at a cost of $35 per unit. 19 Sold 45 shovels on account at a selling price of $40 per unit. 27 Bought 35 shovels on account at a cost of $20 per unit. 31 Counted inventory and determined that 35 units were on hand References PB6-5 (Supplement A) Recording Inventory Transactions Using Periodic and Perpetual Inventory Systems [LO 6-S Section Break Type here to search

Explanation / Answer

Cost per unit=2500/125=$ 20 per unit No Date General Journal Debit Credit 1 Jan 6. Accounts receivable (45*30) 1350 Sales revenue 1350 2 Jan 6. Cost of goods sold (45*20) 900 Inventory 900 3 Jan 9. Inventory (35*20) 700 Accounts payable 700 4 Jan 11. Accounts receivable (35*35) 1225 Sales revenue 1225 5 Jan 11. Cost of goods sold (35*20) 700 Inventory 700 6 Jan 19. Accounts receivable (45*40) 1800 Sales revenue 1800 7 Jan 19. Cost of goods sold (45*20) 900 Inventory 900 8 Jan 27. Inventory (35*20) 700 Accounts payable 700 9 Jan 31. Shrinkage expense 700 Inventory 700 (Refer 3-b.) 3-a. One cannot determine 3-b. Units in inventory as per perpetual inventory records: in units Beginning inventory 125 Add: Purchased units (35+35) 70 195 Less: Sold units (45+35+45) 125 Ending inventory 70 Ending inventory as per physical count=35 units Shrinkage units=70-35=35 units Cost per unit=20 Shrinkage expense=35*20=700

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