#6

5) (6 points) Journalize the following purchase transactions for Main Street Office Supplies using the periodic inventory system and then using the same information, journalize the purchase transactions using the perpetual inventory system. Explanations are not required. Main Street buys $167,500 worth of merchandise inventory on account with credit terms of 2/10, n/30. Main Street returns $18,600 of the merchandise to the vendor due to damage during shipment. Main Street pays the amount due. May 12 May 16 May 21 6) (4 points) The periodic inventory records of Hawk Dental Supply indicate the following for the month of April: Apr. 1 Beginning merchandise inventory 7 Purchase 18 Purchase 26 Purchase 15 units @$32 each 7 units @$34 each 12 units @$37 each 10 units @$40 each As of April 30, Hawk counts 8 units of merchandise inventory on hand. Compute ending merchandise inventory and cost of goods sold for Hawk using the FIFO inventory method. 7) (4 points) Rally Wheels, Inc. had the following balances and transactions during 2018: Beginning Merchandise Inventory as of January 1, 2018 200 units at $71 March 10 Sold 50 units Dunohogod 800 units at $76