41) Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022 Menke purchased merchandise inventory of cost of $45,000. Credit teres were 2/10, 30. The inventory was seld on account for $60,000 on January 21, 2022. Credit terms were 1/10, 30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare Journal entries to record each of these transactions 42) Torrey Company uses the periodic inventory system to account for inventaries. Information related to Torrey Company's inventory of October 31 is given below: October 1 Beginning inventory 400 units e $10.00 = $ 4.000 # Purchase 800 units e $10.40 = 8,320 16 Purchase 600 units e $10.80 = 6.480 24 Purchase 200 units e $11.60 2320 Total units and cost 2.000 wits Instructions 1. Show computations to value the ending inventory using the FIFO cest assumption it 500 is rensin hand of October 31 2 Show computations to value the ending inventory using the weighted-overage cest method 500 sit remain on hand of October 31 3. Show computations to value the ending inventory using the LIFO cost essumption if 500 waits resin hand of October 31 43) Plate Company reports the following for the month of June DAL Explanation Units Unit. Cost June 1 Inventory 225 $5 12 Purchase 525 6 23 Purchase 750 7 30 Inventory 330 Total Cost $1,125 3.150 5,250 Instructions (a) Calculate the cost of the ending Inventory and the cost of goods sold for each cest flow assumption using a perpetual inventory system. Assume a sale of 570 units occurred on June 15 for selling price of 58 and a sale of 600 units on June 27 for $9. (Note: For the average-cost method, round wit cast to three decimal places) (b) Why is the average unit cost not $6 (55. $6$7) 3.561 44) On September 1, 2022, Watkins Company establishes a petty cash fund by issuing check for $250 to Mike Marta, the custodian of the petty cash fund. On September 30, 2022, Mike Marta bitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is 535 cash the fund: Freight-In $25 Supplies Expense 75 Entertainment of clients 37 Postage Expende B0 Instructions Prepare the journal entries required to establish the petty cash fund on September 1 and the replenishment of the fund on September 30 45) Using the following information, prepare a bank reconciliation for Hintz Company for July 31, 2022 e. The bank statement balance is $3,506 b. The cash account balance is $3.930 c. Outstanding checks totaled $1,265 d. Deposits in transit are $1.670 e. The bank service charge is $30. F. A check for $98 for supplies was recorded as $89 in the ledger
