Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars. Date May 1 Item Quantity Balance 5 Unit Cost $900 6 Sale 3 8 Purchase 10 $840 17 Sale 4 30 Purchase 5 $840 Prepare the perpetual inventory record. Start by entering the opening balance of inventory. Enter the transactions in chronological order. When entering sales, enter the oldest cost in the first line. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory.) Date May Quantity Unit Cost Total Cost Required Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmo's Music should report for ending inventory and cost of goods sold under the FIFO method.

Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the FIFO method and a perpetual inventory system. The sales price of each putter is $128. Company records indicate the following for a particular line of Golf Haven’s putters: A)Prepare a perpetual inventory record for the putters. Then determine the amounts Golf Haven should report for ending inventory and cost of goods sold using the FIFO method.  B)Journalize Golf Haven’s inventory transactions using the FIFO method.

Record the following transactions in the general journal.  The company uses perpetual inventory.   Eliminate explanations. When completed, upload your file using pdf or doc only to this problem.   Nov 1 Purchased merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.   5 Returned $200 of defective merchandise purchased on November 1.   7 Paid cash for the November 1 purchase.   10 Paid $90 cash for transportation cost from the November 1 purchase.   13 Sold merchandise for $1,600 on credit.  The cost of the merchandise is $800   16 Granted credit to customer from November 13 transaction.  The returned items are priced at $300 and the cost is $130; the items were not damaged and were returned to inventory.

Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR     CR       DR     CR       Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR     CR       DR     CR       Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR…

Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each. Date May 1 May 6 May 8 May 17 May 30 Item Balance Sale Purchase Sale Purchase Quantity 5 3 10 4 5 Unit Cost $900 $840 $840 Required Prepare a perpetual inventory record for the guitars. Then, determine the amounts Elmo's Music should report for ending inventory and cost of goods sold under the FIFO method. Prepare the perpetual inventory record. In this step, work on the inventory on hand. Start by entering the opening balance. of inventory. Enter the transactions for the purchases and sales in chronological order. When entering sales, enter the oldest cost in the first line. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from…

Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) On March 2, Kingbird Company sold $889,200 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of the merchandise sold was $573,500. On March 6, Blossom Company returned $111,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,400. (a) (b) (c) On March 12, Kingbird Company received the balance due from Blossom Company. Date Account Titles and Explanation Debit Credit March 2 Inventory 889,200 Accounts Payable 889,200 March 6 Accounts Payable 111,100 Inventory 111,100 March 12 Accounts Payable 754,757 Cash 23,343 inventory 778,100

Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct. 1 Purchased inventory on account from Price Inc. for $2,000 Oct. 1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200

Using the accounts listed below, review the following transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sep. 6: Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. DR     CR     Sep. 8: Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. DR     CR     Sep. 10: Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. DR     CR       Sep. 10: Birdy also discovers…

Journalize entries for the following related transactions of Lilly Heating & Air Company who uses the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.) a.  Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30.

Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1.    Captain Harry Outfitters purchased 100 tents for $15,000 on account.   2.   Captain Harry Outfitters purchased 10 display cases for $4,100 on account.   3.   Captain Harry Outfitters purchased 50 rain ponchos for $800 cash.   4.   Captain Harry Outfitters purchased 25 cartons of price tags for $255 for cash.   5.   Captain Harry Outfitters paid for shipping costs for the purchase in transaction 1. Cost is $410.     No. Account Titles and Explanation Debit Credit 1.               2.               3.               4.               5.