Hi,

Please help me solve this problem and PLEASE SHOW YOUR CALCULATIONS as well

Thanks!

Requirement 2 and Requirement 5c. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. 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, 2018, a physical inventory account resulted in the following counts: desk lamps, 986; table lamps, 5,192; and floor lamps, 13,700. Update the inventor 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 Data Table Unit Cost Total Cost Unit Cost Total Cost Date Quantity Quantity Cost Quantity 3,400 Total Cost 34,000 Sep. 30 Oct. 1 6,000 48,000 3,4001 34,000 Item Total Cost 6,000 48,000 Desk Lamp Table Lamp 700| 10|0 7,000|| 2,700 27,000 Quantity Unit Cost 3,400 $ 10 $ 3,200 $ - 22 2,500 $ 1 32 $ 34,000 70,400 80,000 6,000 OO 48,000 Floor Lamp Nov. 1 2,700 27,000 184,400 Total 5 6,000| N 1166,000 Print Done 6,000 6,000 Dec. 27 114,000 Totals 12,000 Oct. 1 Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 6,000 desk lamps at $8 each 8,000 table lamps at $21 each 5,000 floor lamps at $23 each 12 Sold lamps on account to Opus Home Furnishings, terms 2/10, n/30: 3,600 table lamps at $48 each 15 Sold lamps on account to Newnan Office Supply, terms 1/10, n/30: 700 desk lamps at $15 each 20 Received a check from Opus Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Newnan Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Interstate Home Stores, terms 3/10, n/30: 4,400 table lamps at $48 each 1,900 floor lamps at $63 each 30 Paid amount due to Appalachian Lights from Oct. 1 purchase. 31 Paid salaries, $44,000 (75% selling, 25% administrative). 31 Paid utilities, $2,600 (70% selling, 30% administrative). Nov. 1 Sold lamps on account to Newnan Office Supply, terms 2/10, n/30: 4,500 desk lamps at $15 each 5 Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 6,000 desk lamps at $11 each 10,500 table lamps at $24 each 10,000 floor lamps at $26 each 5 Received a check from Interstate Home Stores for full amount owed on Oct. 28 sale. 8 Received a check from Newnan Office Supply for full amount owed on Nov. 1 sale. 10 Purchased and paid for supplies: $225 for the office; $875 for the warehouse. 15 Sold lamps on account to Taylor Office Supply, n/30: 1,700 desk lamps at $15 each 18 Sold lamps on account to Capital Discount Stores, terms 1/10, n/30: 2,500 table lamps at $48 each 1,900 floor lamps at $63 each 28 Received a check from Capital Discount Stores for full amount owed on Nov. 18 sale. 30 Paid salaries, $44,000 (75% selling, 25% administrative). 30 Paid utilities, $3,050 (70% selling, 30% administrative). Dec. 5 Paid amount due to Appalachian Lights from Nov. 5 purchase. 15 Received a check from Taylor Office Supply for full amount owed on Nov. 15 sale. 15 Daggs withdrew $20,000 from the business. 27 Sold lamps on account to Opus Home Furnishings, terms 1/10, n/30: 7,500 desk lamps at $15 each 6,000 table lamps at $48 each 31 Paid salaries, $44,000 (75% selling, 25% administrative). 31 Paid utilities, $3,400 (70% selling, 30% administrative)