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Module 5 Inventory Perpetual MethodPlease 1) Solve the following 7 transactions 2) Explain the answer as well. Thx Please record the following transactions for inventory using the Perpetucal Methods. 1) Purchases $5000 of goods on account2) Sold inventory that had cost us $300 for $525 on account3) Freight to get merchandise to our customer cost us $504) Accepted a return of merchandise which was the wrong color for the customer. We sold the merchandis for $72 and our cost was $565) We shipped merchandise that had a cost of $790 to our customer for $1050. The customer agreed to pay us in 30 days6) Received a check for the May 15 sale7) Purchased goods for $790 on account and the freight was $50

Module 5 Inventory Perpetual MethodPlease 1) Solve the following 7 transactions 2) Explain the answer as well. Thx Please record the following transactions for inventory using the Perpetucal Methods. 1) Purchases $5000 of goods on account2) Sold inventory that had cost us $300 for $525 on account3) Freight to get merchandise to our customer cost us $504) Accepted a return of merchandise which was the wrong color for the customer. We sold the merchandis for $72 and our cost was $565) We shipped merchandise that had a cost of $790 to our customer for $1050. The customer agreed to pay us in 30 days6) Received a check for the May 15 sale7) Purchased goods for $790 on account and the freight was $50

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 29CE
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Module 5 Inventory Perpetual Method
Please 1) Solve the following 7 transactions 2) Explain the answer as well. Thx

Please record the following transactions for inventory using the Perpetucal Methods.

1) Purchases $5000 of goods on account
2) Sold inventory that had cost us $300 for $525 on account
3) Freight to get merchandise to our customer cost us $50
4) Accepted a return of merchandise which was the wrong color for the customer. We sold the merchandis for $72 and our cost was $56
5) We shipped merchandise that had a cost of $790 to our customer for $1050. The customer agreed to pay us in 30 days
6) Received a check for the May 15 sale
7) Purchased goods for $790 on account and the freight was $50

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