Financial Accounting I Chapter 5: Ex1: Steve's Skateboards uses the periodic inventory system and had the following sales transactions during April: ACC112 I Prepare the journal entries that Steve's Skateboards must make to record these transactions. April 2. Sold merchandise to Hobby Shop on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. April 4. Hoppy Shop returned merchandise that had a selling price of $200. The cost of merchandise returned was $110. April 13. Hoppy Shop paid for merchandise sold on April 2. Taking any appropriate discount earned. 22.pd NMENT bod Date Mar.1 Beginning inventory Mar 5 Mar 9 Activities Purchase & Units Acquired at cost f 50 units $50/unit 200 units @$55/unit Units sold at retail t Mar.18 Mar 25 Mar 29 Total Sales Purchase Purchase Sales 210 units @585/unit 60 units 566/unit 100 units @562/unit 410 units 80 units 595/unit 290 units Additional Information for 'specific identification' method, the march 9 sale consisted of 40 units from beginning inventory and 170 units from 5 march purchase; the march 29 sale consisted of 20 units from the march 18 purchase and 60 units from the March 25 purchase 1- Compute Cost of Goods Available for sale and units available for sale 2 Units in Ending inventory 3- a fifa B Weighted Average CSpecife identification 4 cost of goods sold and gross aroft