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Can you help me with the inventory tracking for this problem? a . . . . . . . Year 2 Transaction List: Acquired $550,000
Can you help me with the inventory tracking for this problem?
a . . . . . . . Year 2 Transaction List: Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid $494,150 of Accounts Payable Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . . . . . . . ME 0 M N G A D P H E 1 Ending Inventory Cost of Goods Sold Price/ Units Unit Total Price/ 2 Units Unit Total Goods Available for Sale Price/ Units Unit Total Beg Bail 4 Purchases: 5 125.000 2 28.750 25.000 10.000 1 1 28,750 11.500 15.000 1 17.250 19 10 11 12 11 Total 14 NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Avete mathdaiOS.6 A ry Step by Step Solution
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