How can I figure out how to do merchandise inventory subledger and these depreciation questions with the following information? So far, the red spaces are incorrect.
Southgate Inc. Post-Closing Trial Balance April 30, 2015 Debit Credit Accounts receivable ? 247,900 Accounts payable 2 612,000 Accumulated depreciation, store equipment. ... 57,040 Allowance for doubtful accounts, 14,874 Cash 1,243,307 Common shares 3 31,000 Interest receivable 4.. 162 Merchandise inventory 5. 1,440,000 Notes receivable 4. 55,500 Prepaid insurance 6 31,500 Retained earnings. 2,366,955 Store equipment? 92,000 Utilities payable 28,500 Totals 3,110,369 3,110,369 Southgate Inc. 7975 Franklin Place Toronto, Ontario O5V 5M7 Date: May 3, 2015 Invoice No.: 7008 Credit Terms: 2/10, n/30 Customer: Velor Inc. 5445 26 Avenue Regina, Saskatchewan H3V 4W2 Rep: N/A PO No.: Verbal Qty Description Unit Price Total 1,600 Merchandise Inventory $203 $324,800 Sub- Total: $324,800 Freight: Total: $324,800 Southgate Inc. 7975 Franklin Place Toronto, Ontario O5V 5M7 Date: May 16, 2015 Invoice No.: 7009 Credit Terms: 2/10, n/30 Customer: Velor Inc. 5445 26 Avenue Regina, Saskatchewan H3V 4W2 Rep: N/A PO No.: Verbal Qty Description Unit Total Price $203 $1,624,000 | 8,000 Merchandise Inventory Sub- $1,624,000 Total: Freight: Total: $1,624,000 Southgate Inc. 7975 Franklin Place Toronto, Ontario O5V 5M7 Date: May 20, 2015 Invoice No.: 7010 Credit Terms: 2/10, n/30 Customer: Segura Corporation 13939 Sesame Street Ottawa, Ontario Z2N 3P8 Rep: N/A PO No.: Verbal Qty Description Unit Price Total | 4,000 Merchandise Inventory $203 $812,000 Sub- $812,000 Total: Freight: Total: $812,000 0 0 Merchandise Inventory Subledger (Acct. #119) (Note: Recalculate the Balance in Inventory's Avg Cost/Unit after each transaction.). *All cost/unit calculations should be rounded to two decimal places. Purchases/Transportation-In/ Cost of Goods Sold/ (Purchase Returns/Discounts) (Returns to Inventory) Balance in Inventory Date PR Units Cost/Unit* Total $ Units Cost/Unit* Total $ Units AvgCost/Unit* Total $ April 30 BFWD 18,000 80 1,440,000 18,000 80 1,440,000 May 3 BFWD 0 0 1,600 80 128,000 16,400 80 1,312,000 May 9 BFWD 8,000 79 632,000 24,400 79 1,927,600 May 16 BFWD 1 0 0 0 8,000 79.50 636,000 16,400 79.50 1,303,800 May 20 BFWD 0 0 0 4,000 79.50 318,000 12,400 79.50 985,800 May 21 BFWD 8,000 79.50 636,000 || 20,400 79.25 1,616,700 May 27 BFWD 172,000 20,400 79.25 1,616,700 May 29 BFWD 5,000 80 400,000 25,400 79.75 2,025,650 Property, Plant and Equipment Subledger Cost Information Depreciation Desc. Purch. Date Depr. Method Cost Residual Life Accum. Depr. Bal., Depr. Exp, May, 2015 Accum. Depr. Bal.,) April 30, 2015 May 31, 2015 Store Equipment BFWD Jun 4, 2013 Double-Declining 92,000 12,000 5 57,040 19,200 19,200 Office Furniture BFWD May 10, 2015 Double-Declining 8,000 0 10 0 ? ? Notes: 1. Calculated to the nearest whole month for partial periods. 2. For Double-Declining-Balance, depreciation is calculated for the fiscal year and then divided by the number of months the asset was used in that fiscal year to get the depreciation per month. Round final values to the nearest whole dollar
