Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone tell me if i did this right and show the work for the others? im really struggling with these. Ticking Time specialites in
can someone tell me if i did this right and show the work for the others? im really struggling with these. Ticking Time specialites in designor walches and leather goods. Thcking Time uses the perpetial ieventory nystem. Assume Ticking Time began dune holding 15 wristwatches that coet 520 each During June, Tiding Time bought and sold impertary as follows: (1) (Click the icon lo vew the teansactions.) Ripad the teairements Prepare a perpetuai record using the weighted-awerage inventory costing method Start by entering the beginning inventory balances. Enter the Eransactions in chrc inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculale the quantity and total cost of sold. and on hand at the end of the period Read the requirements: Requirement 2. Joumaize all of Ticking Time's inventory transactions for June under all three costing methods. Assume all sales and purchases are o (Rocord debits firt, then credits. Exclude explanntions from joumal entries.) Begin by fournalzing Ticking Time's inventory transactions for June under the FIFO method. Jun. 3: Sold 10 units for $160 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following tches and leather goods. Ticking Time uses the perpetual inventory system sold inventory as follows: More info Jun. 3 Sold 10 units for $160 each. Jun. 16 Purchased 14 units at 539 each. Jun. 23 Sold 12 units tor $160 each. malnze the sale portion of the tramsaction. Bo fol tecobd the expense reiated bo the saie
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started