A Lending Hand Corporation sells medical support products and records purchases at net amounts. They account for their inventory using the periodic system. In 2013, the following information was available from the companys inventory records for ankle support products.

Do not enter dollar signs or commas in the input boxes. Round the weighted average cost per unit to 2 decimal places.

	Units	Unit Cost
January 1, 2013 (beginning inventory)	1,900	$23.00
Purchases
January 5, 2013	2,320	$23.00
January 25, 2013	2,230	$22.00
February 16, 2013	1,330	$19.00
March 15, 2013	1,330	$16.00

A physical count was taken on March 31, 2013 and showed 2,000 units on hand. a) Prepare schedules to calculate the ending inventory at March 31, 2013 under the FIFO valuation method.

	Units	Unit Cost	Total Cost
March 15, 2013	Answer	$Answer	$Answer
February 16, 2013	Answer	$Answer	$Answer
March 31, 2013, Inventory	Answer		$Answer

b) Prepare a schedule showing each purchase to calculate the ending inventory at March 31, 2013 under the weighted average valuation method.

	Units	Unit Cost	Total Cost
January 1, 2013 (beginning inventory)	Answer	$Answer	$Answer
January 5, 2013	Answer	$Answer	$Answer
January 25, 2013	Answer	$Answer	$Answer
February 16, 2013	Answer	$Answer	$Answer
March 15, 2013	Answer	$Answer	$Answer
Total	Answer		$Answer
Weighted Average Cost		$Answer
March 31, 2013, Inventory	Answer	$Answer	$Answer

c) Games Limited received a shipment of plastic sheets on August 3rd. The value of the plastic was $9,300, plus $110 of freight charges. Prepare the journal entry to record the receipt of goods by Games Limited, assuming the payment would be made in September. Assume they use the periodic inventory system.

Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.

Date	Account Title and Explanation	DR	CR
Aug 3	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense		Answer

d) Several of the plastic sheets delivered to Games Limited were in the wrong colour. After some negotiation, the manager agreed to keep the products with a 14% discount. Prepare the entry on August 10th to record the purchase allowance.

Date	Account Title and Explanation	DR	CR
Aug 10	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense		Answer

e) Journalize the transaction for Games Limited when the payment is made on September 3.

Date	Account Title and Explanation	DR	CR
Sep 3	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense	Answer
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldFreight InInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryPrepaid InsurancePrepaid RentProperty, Plant & EquipmentPurchase Returns and AllowancesPurchasesRent ExpenseSalaries ExpenseSales DiscountSales Returns and AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense		Answer