Compute the missing values, show your workings in the space provided.
2%15 = 30%
On March 1, 2020, Selena started a new business of her own, Selena Painting. After a month's operation, it has the following information for the month of March 2020:
- Salary Expense: $800
- Cash: $1,400
- Service Revenue: $7,000
- Accounts Receivable: $40,000
- Office Supplies: $1,800
- Owner contribution during March: $1,500
- Truck: $20,000
- Owner withdrawal during March: $0
- Utilities Expense: $200
- Selena, Capital, March 1, 2020
- Accounts Payable: $1,000
- Selena, Capital, March 31, 2020
2. Corrected_text: Watches Inc. specializes in designer watches and leather goods. It uses the perpetual inventory system. Assume the business began June holding 10 wristwatches that cost $50 each. During June, it bought and sold inventory as follows:
- June 3: Sold 8 units for $100 each
- June 16: Purchased 10 units at $56 each
- June 23: Sold 8 units for $100 each
Then, the perpetual inventory record for Watches Inc. using FIFO, LIFO, and weighted-average inventory method for the month of June 2020 should look like this:
FIFO:
Inventory, June 1, 2020
Purchase
Cost of Goods Sold
Inventory, June 30, 2020
LIFO:
Inventory, June 1, 2020
Purchase
Cost of Goods Sold
Inventory, June 30, 2020
Weighted-Average:
Inventory, June 1, 2020
Purchase
Cost of Goods Sold
Inventory, June 30, 2020
Title_with_topic:
1. Corrected_text: Missing Values and Financial Information for Selena Painting in March 2020
2. Corrected_text: Perpetual Inventory Record for Watches Inc. in June 2020 using FIFO, LIFO, and Weighted-Average Methods
