accounting

Required information Problem 8-1 (Algo) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayed below] Autumn Company began the month of October with inventory of $30,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $44,500 on October 12 . Terms of the purchase were 2/10,/30 Auturn uses the net method to record purchases. The inventory was shipped fob. shipping point and freight charges of $650 were paid in cash. b. On October 31 , Autumn paid for the inventory purchased on October 12 c. During October imventory costing $20.250 was sold on account for $31,000. d. It was determined that inventory on hand at the end of October cost $54,010. Problem 8-1 (Algo) Part 2 - Assuming Autumn Company uses a penodic inventory system, prepare journal entries for the above transactions including the idjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest. xpense Note: If no entry is required for a transection/event, select "No journal entry required" in the first account field. Journal entry worksheet The company purchased inventory on account for $44,500 on october 12. Terms af the purchase were 2/10,n/30. Autuma uses the net method to record purchipses