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1. You have the following information for ABC T-shirt Store. ABC T-shirt Store uses the perpetual inventory system for its inventory transactions. Assume that ABC
1. You have the following information for ABC T-shirt Store. ABC T-shirt Store uses the perpetual inventory system for its inventory transactions. Assume that ABC T-shirt Store uses Weighted Average cost flow assumption. Based on this information, make accounting records for 3 May, 5 May. VAT is ignored. (10 Points) 1 May Beginning inventory 150 t-shirts at cost of 21 TL per t-shirt. a. 3 May Purchased 200 t-shirts on account at a cost of 25 TL per t-shirt. b. 5 May Sold 180 t-shirts on account for 50 TL per t-shirt. 2. Company A purchased the shares of Company Z by paying 500.000 TL from bank account. These shares give the firm 80% control right (power of control). (10 Points) a. Make an accounting record to purchase Company Z. b. Company A sold the shares of Company Z for 400.000 TL. Make an accounting record
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