it is urgenttttDuring January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000:Jan 1: Paid 6 months insurance in advance for $10,800.Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company.Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500.Jan 5: Paid accrued salary of the December 2016, $16,000.Jan 13: Paid to Great Company.Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30.Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each).Jan 20: Received payment from Shine Company, settling the amount due in full.Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company.Jan 27: Purchased supplies for cash of $13,000.Journalize January transactionsPrepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.

Journal records the day to day transactions of the business.

Answered: During January 2018, FRS Company…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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it is urgentttt

During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000:

Jan 1: Paid 6 months insurance in advance for $10,800.
Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company.
Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500.
Jan 5: Paid accrued salary of the December 2016, $16,000.
Jan 13: Paid to Great Company.
Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30.
Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each).
Jan 20: Received payment from Shine Company, settling the amount due in full.
Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company.
Jan 27: Purchased supplies for cash of $13,000.
Journalize January transactions
Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15^th, and 23^th.

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