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).Journalize January transactionsPrepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.Jan 20: Received payment from Shine Company, settling the amountRequirements:Journalize January transactionsPrepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.

The company records primarily the transactions of the period in the form of a journal entry, in the…

Answered: Urgentttt During January 2018, FRS…

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

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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).
1. Journalize January transactions
2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15^th, and 23^th.Jan 20: Received payment from Shine Company, settling the amount
  Requirements:
  1. Journalize January transactions
  2. Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15^th, and 23^th.

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