Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $ 1,400. The cost of the merchandise sold was $ 750. 6 Received $ 50 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $ 1,400. The cost of the merchandise sold was $ 900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $ 2,850. The cost of the merchandise sold was $ 750. 30 Granted General Bookstore $ 150 credit for books returned costing $ 45. Prepare a tabular summary to record the transactions for the month of June for Flounder Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Cash Accts. Rec. Inv. June 1 $ $ $ 3 6 9 15 17 20 24 26 28 20 The selected accounts from the Grouper Corp.'s accounting records are presented below for the year ended December 31, 2022: Advertising expense $ 50,600 Interest revenue $ 27,600 Common stock 230,000 Inventory 61,640 Cost of goods sold 998,200 Rent revenue 22,080 Depreciation expense 115,000 Retained earnings 492,200 Dividends 138,000 Salaries and wages expense 621,000 Freight-out 23.000 Sales discounts 7,820 Income tax expense 64,400 Sales returns and allowances 37,720 Insurance expense 13,800 Sales revenue 2,208,000 Interest expense 64,400 Prepare a multiple-step income statement. GROUPER CORP. Income Statement $ $ Kingbird sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Kingbird's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Kingbird uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $ 124 $ 1,860 12 Purchase 45 126 5,670 19 Purchase 50 128 6,400 26 Purchase [ 20 129 2,580 Total 130 $ 16,510 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST Ending inventory at $ $ TA $ September 30 Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. FIFO LIFO AVERAGE-COST Cost of $ $ $ goods sold
