HELP ME
Requirement 2 and Requirement 5c. Open inventory records for the three inventory items and enter opening balances as of
September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. For the year ended December 31, 2024, a physical inventory account resulted in the following counts: desk lamps, 2,492; table lamps, 6,494; and floor lamps, 10,600. Update the inventory records. Begin with the inventory record for desk lamps. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Desk lamps: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Sep. 30 1,800 5 9,000 Oct. 1 7,000 11 77,000 1,800 5 9,000 7,000 11 77,000 15 1,500 5 7,500 300 5 1,500 7,000 11 77,000 Nov. 1 300 5 1,500 4,300 11 21,500 4,000 11 44,000 5 7,000 14 98,000 4,300 11 21,500 7,000 14 98,000 15 1,500 11 16,500 2,800 11 30,800 7,000 14 98,000 Dec. 27 2,800 11 30,800 3,200 31 Totals e Item Quantity Unit Cost Total Cost 1,800 $ 5 $ 9,000 De Desk Lamp Table Lamp 4,000 $ 16 nd 64,000 52,700 Floor Lamp 1,700 $ 31 $ 125,700 Total Print Done Oct. 1 Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 7,000 desk lamps at $11 each 4,500 table lamps at $18 each 4,000 floor lamps at $20 each Oct. 12 Oct. 15 Oct. 20 Oct. 23 Oct. 28 Sold lamps on account to Titan Home Furnishings, terms 2/10, n/30: 4,200 table lamps at $41 each Sold lamps on account to Decatur Office Supply, terms 1/10, n/30: 1,500 desk lamps at $23 each Received a check from Titan Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Decatur Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Freeway Home Stores, terms 2/10, n/30: 300 table lamps at $41 each 1,400 floor lamps at $64 each Paid amount due to Appalachian Lights from Oct. 1 purchase. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,600 (60% selling, 40% administrative). Sold lamps on account to Decatur Office Supply, terms 3/10, n/30: 4,300 desk lamps at $23 each Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 7,000 desk lamps at $14 each Oct. 30 Oct. 31 Oct. 31 Nov. 1 Nov. 5 7,000 table lamps at $20 each Nov. 5 Nov. 8 Nov. 10 Nov. 15 8,000 floor lamps at $23 each Received a check from Freeway Home Stores for full amount owed on Oct. 28 sale. Received a check from Decatur Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $450 for the office; $480 for the warehouse. Sold lamps on account to Thompson Office Supply, n/30: 1,500 desk lamps at $23 each Sold lamps on account to Focal Discount Stores, terms 1/10, n/30: 1,500 table lamps at $41 each 1,700 floor lamps at $64 each Received a check from Focal Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $2,750 (60% selling, 40% administrative). Nov. 18 Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Dec. 27 Paid amount due to Appalachian Lights from Nov. 5 purchase. Received a check from Thompson Office Supply for full amount owed on Nov. 15 sale. Daubs withdrew $60,000 from the business. Sold lamps on account to Titan Home Furnishings, terms 2/10, n/30: 6,000 desk lamps at $23 each 3,000 table lamps at $41 each Paid salaries, $37,000 (65% selling, 35% administrative). Paid utilities, $3,300 (60% selling, 40% administrative). Dec. 31 Dec. 31
