Assume Horizon Furnishings in problem 1 is using the LIFO inventory method and all sales are priced at $240 per unit. All purchases are on account. Journalize the transaction for March 12th and for March 22nd. DATE ACCOUNTS DR CR March 12 Problem 3 - (4 points) S&C Inc. has the following inventory records: Inventory Item 2434 67541 Inventory Quantity Unit Cost Unit Market Value 15 $32 $31 22 528 533 8 $30 $35 7890 Prepare the journal entry to record the write down of the inventory value. DATE ACCOUNTS DR CR Dec. 31 Calculations: Horizon Furnishings, Inc. completed these inventory transactions during the month of March: DATE ITEM QUANTITY UNIT COST March 1 Balance 10 $90 March 4 Purchase 38 87 March 12Sale 42 March 2Purchase 60 S103 March 31 Sale 62 A) Compute the cost of goods sold and the ending inventory if LIFO is used, showing your work below. YOU MUST PLACE YOUR ANSWERS IN THE BOLD OUTLINED BOXES ON THE TOTALS LINE DATE PURCHASES INVENTORY ON HAND COST OF SALES B) Compute the cost of goods sold and the ending inventory if AVERAGE COST is used, showing your work below. YOU MUST PLACE YOUR ANSWERS IN THE BOLD OUTLINED BOXES ON THE TOTALS LINE. COST OF DATE SALES PURCHASES INVENTORY ON HAND VI2 22 TOTAL Calculations for averages: Assume Horizon Furnishings in problem 1 is using the LIFO inventory method and all sales are priced at $240 per unit. All purchases are on account. Journalize the transaction for March 12th and for March 22nd. DATE ACCOUNTS DR CR March 12 Problem 3 - (4 points) S&C Inc. has the following inventory records: Inventory Item 2434 67541 Inventory Quantity Unit Cost Unit Market Value 15 $32 $31 22 528 533 8 $30 $35 7890 Prepare the journal entry to record the write down of the inventory value. DATE ACCOUNTS DR CR Dec. 31 Calculations: Horizon Furnishings, Inc. completed these inventory transactions during the month of March: DATE ITEM QUANTITY UNIT COST March 1 Balance 10 $90 March 4 Purchase 38 87 March 12Sale 42 March 2Purchase 60 S103 March 31 Sale 62 A) Compute the cost of goods sold and the ending inventory if LIFO is used, showing your work below. YOU MUST PLACE YOUR ANSWERS IN THE BOLD OUTLINED BOXES ON THE TOTALS LINE DATE PURCHASES INVENTORY ON HAND COST OF SALES B) Compute the cost of goods sold and the ending inventory if AVERAGE COST is used, showing your work below. YOU MUST PLACE YOUR ANSWERS IN THE BOLD OUTLINED BOXES ON THE TOTALS LINE. COST OF DATE SALES PURCHASES INVENTORY ON HAND VI2 22 TOTAL Calculations for averages
