1. Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203 units on account at $100 each, returned 9 units for credit, and sold 151 units at $202 each on account.

2.

3. 4.

Journalize the September transactions, assuming that Riverbed Ltd. uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) (To record sales on account) Assume that Riverbed Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 95 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 Blue Spruce Corporation's retail store and warehouse closed for an entire weekend while the year-end inventory was counted. When the count was finished, the controller gathered all the count books and information from the clerical staff, completed the ending inventory calculations, and prepared the following partial income statement for the general manager for Monday morning: Sales $ 2,745,000 $ 643,000 1,540,000 2,183,000 Beginning inventory Purchases Total goods available for sale Less ending inventory Cost of goods sold Gross profit 643,000 1,540,000 $ 1,205,000 The general manager called the controller into her office after quickly reviewing the preliminary statements. "You've made an error in the inventory," she stated. "My pricing all year has been carefully controlled to provide a gross profit of 36%, and I know the sales are correct." (a) How much should the ending inventory have been? $ Expected ending inventory The following inventory transactions took place for Cullumber Corporation for the month of May: Cost/ Selling Price $3.20 3.40 3.50 Date Event May 1 beginning inventory May 5 purchase May 10 purchase May 15 sale May 20 sale May 22 purchase May 24 purchase May 25 sale Quantity 2,050 5,210 4,050 5,740 2,040 3,930 2,050 5,995 6.10 6.10 3.70 3.70 6.10 Calculate the ending inventory balance for Cullumber Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.) ta Ending inventory The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2020: Cost/ Selling Price $46.00 75.00 40.85 48.40 Date Event Quantity Jan 1 opening inventory 21,000 Jan 5 sale 6.100 Feb 15 purchase 34,500 Mar 10 purchase 9,900 May 20 sale 41,900 Aug 22 purchase 14,100 Sep 12 sale 20,100 Nov 24 purchase 9,900 Dec 5 sale 16,100 75.00 44.50 75.00 50.50 75.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) Ending inventory $ 244240 Unit cost of the last item sold $ 46.96