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Ans. templates down below Big T Cleaners uses a perpetual inventory system. The following selected transactions for Big T Cleaners occurred in October. Required a.
Ans. templates down below
Big T Cleaners uses a perpetual inventory system. The following selected transactions for Big T Cleaners occurred in October. Required a. Calculate both cost of goods sold and ending inventory using (i) FIFO and (ii) moving weighted average. b. Big T Cleaners took a physical inventory count at the end of October and discovers four boxes of cleaner are missing from inventory. Prepare the journal entry to adjust inventory assuming they use FIFO under a perpetual inventory system. a. i) FIFO and a-ii) moving weighted average: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & & & Mo & ing-We & ghted-AT & age & & & \\ \hline ITEM & & & & & & & & & \\ \hline & \multicolumn{3}{|c|}{ PURCHASES } & \multicolumn{3}{|c|}{ COST OF GOODS SOLD } & \multicolumn{3}{|c|}{ INVENTORY ON HAND } \\ \hline \begin{tabular}{c} DATE \\ 2018 \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \\ \end{tabular} & QTY & \begin{tabular}{l} UNIT \\ COST \\ \end{tabular} & \begin{tabular}{l} TOTAL \\ COST \end{tabular} \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline \end{tabular} b. Journal entry adjustments
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