1. Beginning inventory, purchases, and sales for an inventory item are as follows:

Sep. 1 Beginning Inventory

42 units @ $28

5 Sale

24 units

17 Purchase

64 units

@

1$32

30 Sale

46 units

Assuming a perpetual inventory system and the first-in, first-out (FIFO) method:

1. Determine the cost of the goods sold for the September 30 sale.

2. Determine the cost of ending inventory at the end of the month.

2.

The following were selected from among the transactions completed by Essex Company during July of the current

year:

July 5.Purchased merchandise on account from Kester Co., $50,000, terms FOB destination, 1/10, n/30.

6.Sold merchandise on account to Parsley Co., $17,000, terms n/15. The cost of the goods sold was $10,000.

7.Returned merchandise with an invoice amount of $13,000 purchased on July 5 from ester Co.

13.Paid Kester Co. on account for purchase of July 5, less return of July 7

21.Received cash on account from sale of July 6 to Parsley Co.

21.Sold merchandise on MasterCard, $240,000. The cost of the goods sold was $140,000.

22-840,000.

Sold merchandise on account to Tabor Co., $60,000, terms 3/10, n/30. The cost of the goods sold was

23.Sold merchandise for cash, $35,000. The cost of the goods sold was $24,000.

28

"merchandise was $3,000.

31.Paid MasterCard service fee of $3,500.

Required:

Journalize the transactions.

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