2 During the year, Masks R Us Corporation had the following inventory transactions:
Transaction
3
4 Date
51-Jan
Beginning Inventory
6 7-Apr
Purchase
7 16-Jul
Purchase
86-Oct
Purchase
9
Totals
10
Quantity
Price per Unit
35 $
42.00
76 $
44.00
190 $
47.00
44 $
48.00
345
11 1) Prepare a summary entry to record all purchases for the year, assuming all items were purchased on account.
12 D
13
14
15
14,386.00
14,386.00
16 The company sold the following units during the year.
17
18
19
Quantity Sales Price
276 $
60.00
Account
Inventory
14,386.00
Accounts Payable
14,
202) Calculate the Cost of Goods Sold, Ending Inventory, Sales Revenue and Gross Profit under each of the following methods. For Average Cost, round all calculations to 2 decimal places:
21
22
26
27
Cost of Goods Sold
Ending Inventory
Sales Revenue
Gross Profit
FIFO
LIFO
Average Cost
$ 12,569.00 $ 12,890.00
$ 3,287.00 $
2,966.00
$ 16,560.00 $
16,560.00 $ 16,560.00
$ 3,991.00 $ 3,670.00
+
282) Prepare a summary entry to record all (a) sales and (b) cost of goods sold for the year, assuming all items were sold on account and the company uses LIFO inventory.
29
30
SE
R
NI
35
Student Information
Problem One
Problem Two
Chart of Accounts
CR
Account
