John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:

 John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:

John’s purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.
John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.
Merchandise costing $2,800 was sold for $5,200 in cash.
 
Required:
Prepare the necessary journal entries to record these transactions.

Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000.

 Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of merchandise on account during the year totaled $845,000. Merchandise costing $902,000 was sold on account for $1,420,000.
 
Prepare the journal entries to record these transactions.

 

Thanks

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:

During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows:

Jan. 6	Sold goods for $200 to Wizard Inc. with terms 4/10, n/30. The goods cost Solitare $110.
6	Sold goods to Spyder Corp. for $160 with terms 4/10, n/30. The goods cost Solitare $100.
14	Collected cash due from Wizard Inc.
Feb. 2	Collected cash due from Spyder Corp.
28	Sold goods for $130 to Bridges with terms 4/10, n/45. The goods cost Solitare $70.

Required:

Prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Explanation: Jan 14: Cash = ($200 × 96%) = $192 Sales Discounts = ($200 × 4%) = $8

The following transactions were selected from the records of Evergreen Company:

The following transactions were selected from the records of Evergreen Company:

July 12	Sold merchandise to Wally Butler, who paid the $2,800 purchase with cash. The goods cost Evergreen Company $1,500.
15	Sold merchandise to Claudio’s Chair Company at a selling price of $5,500 on terms 4/10, n/30. The goods cost Evergreen Company $5,300.
20	Sold merchandise to Otto’s Ottomans at a selling price of $4,800 on terms 4/10, n/30. The goods cost Evergreen Company $3,700.
23	Collected payment from Claudio’s Chair Company from the July 15 sale.
Aug. 25	Collected payment from Otto’s Ottomans from the July 20 sale.

Required:

Prepare journal entries to record the transactions, assuming Evergreen Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Explanation: July 23: Cash = ($5,500 × 96%) = $5,280 Sales Discounts = ($5,500 × 4%) = $220

Laker Company reported the following January purchases and sales data for its only product.

Laker Company reported the following January purchases and sales data for its only product.

Date		Activities	Units Acquired at Cost								Units sold at Retail
Jan.	1	Beginning inventory	320	units	@	$	10.40	=	$	3,328
Jan.	10	Sales										175	units	@	$	18.40
Jan.	20	Purchase	390	units	@	$	9.40	=		3,666
Jan.	25	Sales										315	units	@	$	18.40
Jan.	30	Purchase	260	units	@	$	8.40	=		2,184
		Totals	970	units					$	9,178		490	units

Required:

The company uses a perpetual inventory system. For specific identification, ending inventory consists of 480 units, where 260 are from the January 30 purchase, 80 are from the January 20 purchase, and 140 are from beginning inventory. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)