CP6-39 (similar to)

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Calla CanoeCalla Canoe

Company is a service based company that rents canoes for use on local lakes and rivers during

20182018.

In addition to rental serices, at the beginning of

JanuaryJanuary

20192019,

Calla CanoeCalla Canoe

Company decided to carry and sell T-shirts with its logo printed on them.

Calla CanoeCalla Canoe

Company uses the perpetual inventory system to account for the inventory. During

FebruaryFebruary

20192019,

Calla CanoeCalla Canoe

Company completed the following merchandising transactions:

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.Requirement

1.

Assume

Calla CanoeCalla Canoe

Company began

FebruaryFebruary

with

5050

T-shirts in inventory that cost

$ 8$8

each. Prepare the perpetual inventory records for

FebruaryFebruary

using the FIFO inventory costing method.

Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. We will complete the schedule for the first five dates in this step, the next five dates in the following step, and so on. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Feb. 1
2
5
7
8

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2		Sold 2020 T-shirts at $ 14$14 each.
	5		Purchased 8080 T-shirts at $ 10$10 each.
	7		Sold 3535 T-shirts for $ 14$14 each.
	8		Sold 5555 T-shirts for $ 14$14 each.
	10		Calla CanoeCalla Canoe Company realized the inventory was running low, so it placed a rush order and purchased 3535 T-shirts. The premium cost for these shirts was $ 12$12 each.
	12		Placed a second rush order and purchased 8080 T-shirts at $ 12$12 each.
	13		Sold 3535 T-shirts for $ 14$14 each.
	15		Purchased 8080 T-shirts for $ 10$10 each.
	20		In order to avoid future rush orders, purchased 220220 T-shirts. Due to the volume of the order, Calla CanoeCalla Canoe Company was able to negotiate a cost of $ 8$8 each.
	21		Sold 3030 T-shirts for $ 14$14 each.
	22		Sold 100100 T-shirts for $ 14$14 each.
	24		Sold 3535 T-shirts for $ 14$14 each.
	25		Sold 8080 T-shirts for $ 14$14 each.
	27		Sold 1010 T-shirts for $ 14$14 each.

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1 of 1 (0 compte Score: 0 of 10 pts CP6-39 (similar to) HW Score: 0% 0 of 1 Once all of the transactions have been entered into the perpa r a t hentily and total cost of merchandise vertory Purchases Cost of Goods Sold Inventory on Hand Quantity Quantity Quantity Cost 5 Purchased 10 ch 7 S 15 T shirts for 514 each S55 Torch 10 Cala Cance Company recedentory wasg ow placed a rush order and purchased the premium conto these shirts was 512 each 12 Placed a second rush order and purchased at $12 each 13 So r t for 14 each 15 Purchased 30 T-shirts for $10 each 20 In order to avoid future rush orders. purchased 220 Tshs Due to the volume of the order, Cala Cance Company was able to negotiate cost of $8 each 21 Sold 30 T-shirts for $10 each 22 Sold 100 T-shirts for $10 each 24 Sold 35 T-shirts for 514 each 25 Solo T-shirts for $14 each 1 of 1 (0 compte Score: 0 of 10 pts CP6-39 (similar to) HW Score: 0% 0 of 1 Once all of the transactions have been entered into the perpa r a t hentily and total cost of merchandise vertory Purchases Cost of Goods Sold Inventory on Hand Quantity Quantity Quantity Cost 5 Purchased 10 ch 7 S 15 T shirts for 514 each S55 Torch 10 Cala Cance Company recedentory wasg ow placed a rush order and purchased the premium conto these shirts was 512 each 12 Placed a second rush order and purchased at $12 each 13 So r t for 14 each 15 Purchased 30 T-shirts for $10 each 20 In order to avoid future rush orders. purchased 220 Tshs Due to the volume of the order, Cala Cance Company was able to negotiate cost of $8 each 21 Sold 30 T-shirts for $10 each 22 Sold 100 T-shirts for $10 each 24 Sold 35 T-shirts for 514 each 25 Solo T-shirts for $14 each