Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help with requirements 1 and 2 please Asap. Clean Whistle Cleaning's post-closing trial balance at November 30, 2018, is as During December 2018, Clean Whistle

Help with requirements 1 and 2 please Asap. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Clean Whistle Cleaning's post-closing trial balance at November 30, 2018, is as During December 2018, Clean Whistle completed the following transactions: (Click the icon to view the transactions.) (Click the icon to view the post-closing trial balance.) Clean Whistle Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clean Whistle uses the perpetual inventory Read the requirements Requirement 1. Prepare perpetual inventory records for December for Clean Whistle Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 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. Complete the first half of the schedule in this step, and the remaining half in the next step. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to two decimal places, X.Xxx, and all total cost amounts to the nearest whole dollar.) Cost of Goods Sold Inventory on Hand Units Total Units Unit Total Date Quantity Cot Cost Quantity Cost CQantity Cos Cost Dec, 21,000 5 1,200 1,000 1,000 1,200 700 1,200 3.80 3.80 3.80 4.81 3.80 4.81 3.80 1,200 4.81S 5,772 4,81 5772 5772 2660 5772 7(300) 3.80 1140 300 500 3.80 1900 Reference Clean Whistle Cleaning Post-Closing Trial Balance November 30, 2018 Balance Debit Credit Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Hanoush, Capital Total $ 79,100 3,100 90 3,300 2,750 8,300 10,000 305 3,050 2,875 54,000 46,366 $ 106,640 $ 106,640 Print Done i Requirements 1. Prepare perpetual inventory records for December for Clean Whistle Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 2. Journalize the transactions for December 11th, 28th, and 31st (adjusting entry a only) using the perpetual inventory record created in Requirement 1. Print Done Clean Whistle Cleaning's post-closing trial balance at November 30, 2018, is as During December 2018, Clean Whistle completed the following transactions: (Click the icon to view the transactions.) (Click the icon to view the post-closing trial balance.) Clean Whistle Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Clean Whistle uses the perpetual inventory Read the requirements Requirement 1. Prepare perpetual inventory records for December for Clean Whistle Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 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. Complete the first half of the schedule in this step, and the remaining half in the next step. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to two decimal places, X.Xxx, and all total cost amounts to the nearest whole dollar.) Cost of Goods Sold Inventory on Hand Units Total Units Unit Total Date Quantity Cot Cost Quantity Cost CQantity Cos Cost Dec, 21,000 5 1,200 1,000 1,000 1,200 700 1,200 3.80 3.80 3.80 4.81 3.80 4.81 3.80 1,200 4.81S 5,772 4,81 5772 5772 2660 5772 7(300) 3.80 1140 300 500 3.80 1900 Reference Clean Whistle Cleaning Post-Closing Trial Balance November 30, 2018 Balance Debit Credit Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Hanoush, Capital Total $ 79,100 3,100 90 3,300 2,750 8,300 10,000 305 3,050 2,875 54,000 46,366 $ 106,640 $ 106,640 Print Done i Requirements 1. Prepare perpetual inventory records for December for Clean Whistle Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 2. Journalize the transactions for December 11th, 28th, and 31st (adjusting entry a only) using the perpetual inventory record created in Requirement 1. Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

P7 Advanced Audit And Assurance Q And A 2013

Authors: ACCA Simplified

1st Edition

1492716626, 978-1492716624

More Books

Students also viewed these Accounting questions

Question

3 8 6 . 'evaporator'

Answered: 1 week ago

Question

Approaches to Managing Organizations

Answered: 1 week ago

Question

Communicating Organizational Culture

Answered: 1 week ago