1.Open general ledger T-accounts and enter opening balances as of September 30, 2024.

2.Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27.

3.Record the transactions in the general journal.

4.Post transactions to the general ledger.

5.Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger:

a.Depreciation, $48,500 (75% selling, 25% administrative).

b.Supplies on hand: office, $200; warehouse, $650.

c.A physical inventory account resulted in the following counts: desk lamps, 1,990; table lamps, 5,995; and floor lamps, 6,000. Update the inventory records.

6.Prepare an adjusted trial balance.

7.Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format:

Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error.

8.Prepare Davis Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024.

9.Calculate the following ratios for DLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory.

10.Record and post the closing entries.

11.Prepare a post-closing trial balance.

The Davis Lamp Company (DLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items desk lamps, table lamps and floor lamps. DLC uses a perpetual inventory system FIFO method DLC owns land with a building, which is separated into two parts office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building. DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets The trial balance for DLC as of September 30, 2024 follows: (Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of the following lamps (Click the icon to view the Merchandise Inventory) During the fourth quarter of 2024, DLC completed the following transactions: (Click the icon to view the transactions) Read the requirement the Data Table - Desk Lamps Number Dollar of lamps Amount Table Lamps Number Dollar of lamps Amount Floor Lamps Number Dollar of lamps Amount Beginning Bal. Add: Purchases Less: COGS Ending Balance Print Done Davis Lamp Company Trial Balance September 30, 2024 Balance Account Debit Credit Cash $ 457.000 0 126,000 275 350 20,000 780,000 125,000 260,000 $ 194,000 Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense--Selling Utilities Expense--Selling Supplies Expense--Selling Depreciation Expense-Selling Salaries Expense--Administrative Utilities Expense Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 100,000 298,925 0 2654. 150 1,061 450 270,000 32,000 0 0 90,000 25,000 0 0 $ 3,247,075 5 3,247,075 Total i Data Table Item Quantity Unit Cost Total Cost 2,500 $ 8 $ Desk Lamp Table Lamp 3.000 18 20,000 54,000 52,000 2,000 26 Floor Lamp $ 126,000 Total Oct 1 Oct 12 Oct 15 Oct 20 Oct 23 Oct 28 Oct 30 Oct 31 Oct 31 Nov. 1 Purchased lamps on account from Blue Ridge Lights, terms n/30, FOB destination: 5.000 desk lamps at $9 each 7 500 table lamps at 519 each 2.500 floor lamps at $25 each Sold lamps on account to Atlas Home Furnishings, terms 2/10, n/30 4,000 table lamps at 545 each Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30 1 000 desk lamps at $20 each Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Hiawassee Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Parkway Home Stores, terms 2/10, 1/30 3.500 table lamps at $45 each 1.500 floor lamps at 565 each Paid amount due to Blue Ridge Lights from Oct. 1 purchase Paid salaries, S40,000 (75% selling 25% administrative). Paid utilities $2,500 (60% selling, 40% administrative). Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30 3.000 desk lamps at $20 each Purchased lamps on account from Blue Ridge Lights, terms /30. FOB destination 5,000 desk lamps at S10 each 10,000 table lamps at $21 each 5,000 floor lamps at $27 each Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. Received a check from Hiawassee Office Supply for full amount owed on Nov 1 sale Purchased and paid for supplies: 5325 for the office 5675 for the warehouse Sold lamps on account to Anderson Office Supply, n/30 2.000 desk lamps at $20 each Sold lamps on account to Go-Mart Discount Stores, terms 1/10, 1/30 2.000 table lamps at $45 each 2000 floor lamps at $65 each Receved a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $40.000 (75% selling 25% administrative) Paid utilities. $2.670 50% selling, 40% administrative) Paid amount due to Blue Ridge Lights from Nov. 5 purchase Recalved a check from Anderson Office Supply for full amount owed on Nov. 15 sale Noy5 Nov 5 Nov. 8 Nov. 10 Nov 15 Nov 18 Nov 28 Nov 30 Nov 30 Dec 5 Dec 15 Dec. 15 Dec 15 Dec. 27 Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale. Paid dividends, $50,000. Sold lamps on account to Atlas Home Furnishings, terms 2/10, n/30: 4,500 desk lamps at $20 each 5.000 table lamps at $45 each Paid salaries, $40,000 (75% selling, 25% administrative) Paid utilities, $3,200 (60% selling, 40% administrative). Dec 31 Dec 31