1. Sold 225 units to Company A on account for 807 dollars
2. Sold 165 units for 811 dollars
3. 310 units for 813
4. 325 units for 817
5.145 units for 818dollars
6. 280 units 820 dollars
7. 355 units for 820 dollars
8. 380 units for 828 dollars
9. 255 units for 840
10. 310 units for 850 dollars
please help me understand how to get Costs of goods sold and Inventory
Accounts Receivable Sales Revenue Cost of Goods Sold Inventory are the controller at Star Wars, Inc., a wholesale distributor of light sabers and other interstellar weaponry. The corporation founded in galaxy far, far away a long time ago. The company has 420,000 share of common stock authorized with a par value 18. Currently, 28,000 shares are issued and outstanding. In your role as controller, you are responsible for the company's punting records, financial statement preparation, and ensuring that the company has adequate internal controls. You also port management at Star Wars by providing required financial reports. You supervise a staff that takes care of the other ects of accounting, but ultimately you oversee all the functions of the accounting department. Star Wars, Inc. maintains a andar year-end (the books are closed on December 31 of each year). Adjusting entries are only prepared annually. refore, when you prepare the adjusting entries, they will need to be for the entire year, not just for December. In order omplete this practice set, you will need to record all regular transactions for the month of December, 2014 (all other regular nsactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalize: ransactions and adjustments in the general journal, post them to the general ledger accounts, prepare an adjusted trial ance, prepare the financial statements, prepare closing entries, and finally a post-closing trial balance for the year ended tember 31,2014 following information pertains to the various accounting practices applicable to Star Wars, Inc. Star Wars, Inc. maintains inventory using the perpetual method. All inventory costs are tracked using st in, first out (FIFO) cost flows, (See the cost of goods sold sheet for details regarding inventory) Purchases of inventory are recorded at the net amount (discounts are recognized on the date of purchase, if apsilicable) e purchase terms are different for each supplier. Forfeited discounts are recorded separately as cost of goods sold. sales on account are subject to terms 2/15,n/40 and are recorded at gross value. The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers and customers accounts payable and accounts receivable subsidiary ledgers, respectively. You will need to maintain the subsidiary ledgers. Salaried employees are paid monthly at the end of the month (on the last day of the month). Hourly employees are paid. ery two weeks. Each two week pay period ends on the Friday of the second week. The Company's chart of accounts is listed on the right side of this spreadsheet. The Company uses the Allowance Method of accounting for bad debt. The Company calculates bad debt expense at the end the fiscal year at 5% of ending A/R (using the % of receivables method)
