A company's inventory records report the following: Units Sold at Retail Date August 1 August 5 August 12 August 15 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 15 units @ $38 = $570 10 units @ $39 = $390 20 units @ $40 = $800 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Multiple Choice O $290 o $1,160 $600 O O $1,760 O $400 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet Returned 35 defective units from the November 5 purchase and received full credit. Note: Enter debits before credits. Date General Journal Debit Credit Nov 07 Record entry Clear entry View general journal Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet Paid the amount due from the November 5 purchase, minus the return on November 7 Note: Enter debits before credits. Date General Journal Debit Credit Nov 15 Record entry Clear entry View general journal The F. Mercury, Capital account has a credit balance of $19,550 before closing entries are made. If total revenues for the period are $62,700, total expenses are $45,500, and withdrawals are $10,350, what is the ending balance in the F. Mercury, Capital account after all closing entries are made? Multiple Choice O $19,550 $36,750 O O $26,400. O $9,200 O $17,200
