Group A Problems actions in a two-column journal. All credit sales are n/30. 20XX Mar. 5 6 Purchased merchandise on account totaling $2,000; terms w/30. Sold merchandise on account to Tommy Dorsey for $85. This merchan- dise cost $63. (The blank forms you need are on pages 472-481 of the Study Guide and Working Papers.) 15A-1. The Wren Company uses the perpetual inventory system. Record these trans COUNTING FOR MERCHANDISE INVENTORY of the merchandise to the Merchandise Inventory account.) 12 Received payment from Tommy Dorsey for the March 6 sale less the return. 13 Sold $380 of merchandise for cash. The cost was $290. 8 Returned $100 of defective merchandise purchased March 5. 9 Sold S125 of merchandise for cash. This merchandise cost $98. 9 Allowed a return for credit of $7 of merchandise sold on March 6. Theo of the returned merchandise was $5. (Hint: Don't forget to return the cost 10 Purchased $800 of merchandise on account from BG Supply; terms n/30. 15B-2. E L Best owns an electronics supply company called Best Electronics, company uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic para Here are the quantities and costs for three of the parts in inventory: 1. Enter the beginning balances in the inventory record forms; beginning inventory A customer brought back 1 6L6 that was bought two days ago because it Best Electronics returned to the vendor the faulty part that was returned Receive Sold S110 of merchar 23 13 Cost per Unit Quantity on Hand 4 Part No. $12.50 9.40 7.80 18 OLA EL 84 IZAU7 Your job is to is $242.60 2. Journalize and post the following transactions. 20XX Oct. 10 Purchased the following on account: Part No. Quantity Cost per Unit 6L6 18 $12.50 7.80 12AUZ 28 11 13 (Hint: Be sure to update each inventory record.) Sold 4 number 12AU7 units for cash at a selling price of $18.50 each. (Hint: Remember to record both the revenue and the cost. The cost data will be found in the inventory record form for this part number. Don't for- get to update the form.) Sold the following for cash: Part No. Quantity Sales Price per Unit 6L6 10 $18.50 9 14.00 12 11.80 EL84 12AUZ 15 did not work. 16 yesterday. ACCOUNTING FOR MERCHANDIS 20XX Mar. 15 16 cost $71. 18 Purchased merchandise on account totaling $1,800; terms n/30. Sold merchandise on account to Bobby Hackett for $92. This merchandise Returned $120 of defective merchandise purchased March 15. Allowed a return for credit of $14 of merchandise sold on March 16. The cost of the returned merchandise was $11. (Hint: Don't forget to retum cost of the merchandise to the Merchandise Inventory account.) 20 Purchased $900 of merchandise on account from JT Supply; terms n/30. 22 Received payment from Bobby Hackett for the March 16 sale less the retum 23 Sold $410 of merchandise for cash. The cost was $320. 19 Sold $230 of merchandise for cash. This merchandise cost $175. 19 15B-2. E. L. Best owns an electronics supply company called Best Electronics. Th= 15B-4. On January 1, 20XX, Ashley Company, a company that uses the periodic inventory system, began with 150 units of product B in inventory with a unit cost of $20. The following additional purchases of the product were made: OB Apr. 1 Jul. 5 210 units @ $30 each 500 units @ 40 each 450 units @ 50 each 200 units @ 60 each Check Fic LIFO $5 Aug. 15 Nov. 20 At end of year, Ashley Company had 400 units of its product unsold. Calculate cost of ending inventory as well as cost of goods sold by the (a) FIFO, (b) LIFO, and (c) weighted average methods. (Round the weighted average to the nearest cent.) mate cost of ending inventory