accounting

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Using the facts that follow, use a Multi-Step Income Statement and Ending Inventory Calculations, e to find Cost of Goods Sold and Net Income SHOW YOUR WORK 3 4 Net sales 5 Beginning inventory 6 Net purchases 7 Ending inventory 8 Operating expenses 45,000 31,500 22,500 36,000 13,500 9 10 Income Statement Inventory Calculations 11 12 13 14 15 16 17 18 19 20 M. Sten Income Stret Journal Entries-Buyer Journal Entries ... Prepare joumal entries for BD Corporation (the purchaser). BD Corporation uses the Perpetual Inventory Accounting method: June 29 BD Corporation purchased $9000 of inventory from MH Corporation with purchase terms 3/15, n./30. MH Corporation's cost was 55400 July 1 BD Corporation retured S2700 of inventory to MH Corporation BD Corporation pays for $4500 of the inventory July 15 BD Corporation pays for the remaining $1800 of the inventory July 3 Date Debit Credit Prepare joumal entries for MH Corporation (the seller) MH Corporation uses the Perpetual Inventory Accounting method: June 29 July 1 July 3 July 15 BD Corporation purchased $9000 of inventory from MH Corporation with purchase terms 3/15,n/30. MH Corporation's cost was $5400 July 1. BD Corporation returned $2700 of the $9000 inventory to MH Corporation. MH Corporation's cost of the inventory was $1620 BD Corporation pays for $4500 of the inventory BD Corporation pays for the remaining S1800 of the inventory Debit Credit Date 0 1 12 33 14 15 16 17 18 19 20 21 G H 3 You are given the following information for XYZ Company for the month ended June 30. XYZ uses the periodic method for inventory Date Description Units Unit Cost or Selling Price 50 45 Beginning 1-Jun inventory 5-Jun Purchase 6-Jun Sale 10-Jun Purchase 15-Jun Sale 23-Jun Purchase 30-Jun Sale 115 90 70 49.50 67.50 54,45 74.25 59.90 81.68 40 65 80 Calculate i) ending inventory, il) cost of goods sold for EACH of the LIFO, FIFO and Average Cost cost 2 flow methods. 4 5 6 7