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Can you please help with parts B & C? Date General Journal Debit Credit No 1 03/05 28,350 Inventory Cash 28,350 2 2 04/10 32,395
Can you please help with parts B & C?
Date General Journal Debit Credit No 1 03/05 28,350 Inventory Cash 28,350 2 2 04/10 32,395 Cash Sales revenue 32,395 3 04/10 15,035 Cost of goods sold Inventory 15,035 4 06/19 59,565 Cash Sales revenue 59,565 5 06/19 28,845 Cost of goods sold Inventory 28,845 09 09/16 24,640 Inventory Cash 24,640 7 11/28 31,030 Cash Sales revenue 31,030 oo 11/28 15,400 Cost of goods sold Inventory 15,400 ! Required information Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 (The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 290 items at $97 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 270 items @ $105 155 items @ $ 209 285 items @ $ 209 220 items @ $112 145 items @ $214 Problem 5-20A Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. (Amounts to be deducted should be indicated with a minus sign.) Sales Cost of goods sold Gross margin ! Required information Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 (The following information applies to the questions displayed below.) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 290 items at $97 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 270 items @ $105 155 items @ $209 285 items @ $209 220 items @ $112 145 items @ $214 Problem 5-20A Part c. Determine the ending inventory balance Pam's Creations would report on the December 31, Year 2, balance sheet. Ending inventoryStep by Step Solution
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