Equipment Sales, Inc., sells hand-held engine analyzers to automotive service shops.

Long Arm

Equipment Sales, Inc. started

November

with an inventory of

135

units that cost a total of

$16,200.

During the month,

Long Arm

Equipment Sales, Inc., purchased and sold merchandise on account as follows:

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(Click the icon to view the transactions.)

Long Arm

Equipment Sales, Inc., uses the average cost method. Cash payments on account totaled

$20,000.

Operating expenses for the month were

$7,500,

of which two-thirds were paid in cash and the rest accrued as Accounts Payable.

Long Arm Equipment Sales, Inc., sells hand-held engine analyzers to automotive service shops. Long Arm Equipment Sales, Inc. started November with an inventory of 135 units that cost a total of $16,200. During the month, Long Arm Equipment Sales, Inc., purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Long Arm Equipment Sales, Inc., uses the average cost method. Cash payments on account totaled $20,000. Operating expenses for the month were $7,500, of which two-thirds were paid in cash and the rest accrued as Accounts Payable. Read the requirements Requirement 1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round the average unit cost to the nearest cent and all other amounts to the nearest dollar.) Purchases Unit Total Cost Cost of goods sold Unit Total Qty Cost Cost Date Qty Cost Inventory on hand Unit Total Qty Cost Cost 135 120 16200 230 124.13 28550 Nov 1 Nov 6 95 130 12350 Nov 13 60 325 19500 170 124.13 21102 Nov 19 70 136 9520 240 127.59 30622 Nov 25 50 325 16250 190 Nov 29 95 325 30875 95 Nov 30 165 21870 205 66625 95 * . X Data Table DI s nt tc en el Nov 6 Purchased 13 Sold 19 Purchased 25 Sold 29 Sold 95 units @ $130 60 units @ $325 70 units @ $136 50 units @ $325 95 units @ $325 Print Done Requirement 2. Prepare a multi-step income statement for Long Arm Equipment sales, Inc., for the month of November. Long Arm Equipment Sales, Inc. Income Statement For the Month Ended November 30 Net income (loss) Requirement 2. Prepare a multi-step income statement for Long Arm Equipment sales, Inc., for the month of November. Long Arm Equipment Sales, Inc. Income Statement For the Month Ended November 30 Cost of goods sold Gross profit Operating expenses Operating income Sales revenue Total expenses put fields and then continue to the next