how we calculate cogs dr merchandise inventory cr. in this problem Do not Give Image format otherwise down vote cesThe Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for itsmerchandise. The beginning balance of Mix-Rights and transactions during October 2023 were as follows:Oct 1 Balance: 102 units costing $5 each.3 Purchased 117 units from Arnold Brothers costing $7.50 each4 Returned 37 of the units purchased on October 3.9 Sold 92 units to Kitchen Club, invoice #210.15 Purchased 217 units from Arnold Brothers costing $8.60 each.18 Sold 184 units to. Thorhild Co-op, invoice # 211.19 Paid for the October 3 purchase; cheque # 101.23 Paid for the October 15 purchase, cheque # 102.24 Sold 67 units to Boyle Grocery, invoice #212.31 Purchased 92 units from Arnol Brothers costing $8.00 each.Required:Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are oncredit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginningbalances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter thetransactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicatedby a minus sign.)Date (2023) Account DebitedOct. 9WILLIAMS COMPANYSales JournalKitchen ClubInvoiceNumber210A/R Dr.Sales Cr.1,380.00COGS Dr.MerchandiseInventory Cr.

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Weighted Average Cost : Under the Weighted Average Method, the cost is considered to be average at…

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Required: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginning balances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter the transactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicated by a minus sign)

Required: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginning balances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter the transactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicated by a minus sign)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
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