Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am having trouble with understanding if I am doing this problem correctly and not sure how to enter the journal entries. Chapter 6 Continuing

I am having trouble with understanding if I am doing this problem correctly and not sure how to enter the journal entries.

image text in transcribed Chapter 6 Continuing Problem P6-38 Name: Alyssa Allen Requirement 1- 13 pts Perpetual Inventory Record: FIFO Purchases Date Quantity Jan. 7 50 Units Cost of Goods Sold Unit Cost Total Cost $22 $ 1,100 Jan. 18 40 units Jan. 22 185 units Unit Cost $22 10 units $22 125 units $26 10 units $26 235 units Chapter 6: Merchandise Inventory Total Cost $880 $26 $4,810 Jan. 28 Jan. 31 Totals Quantity $5,910 185 units Inventory on Hand $220 $3,250 $260 Unit Quantity Cost 50 units $22 Total Cost $1,100 $22 $220 10 units $22 185 units $26 60 units $26 $220 $4,810 $1,560 10 units $3,470 $260 50 units $26 $1,300 $4,610 50 units Page 1 of 8 jan. 7 - unit cost of invenotry purchased = Total cost / total #of units $1050+$50 = $1100 $1100 50 = $22 Jan. 18 40 units @ $22 = $880 Jan. 22 $4810 185= $26 $185 units @ $26 = $4810 Chapter 6: Merchandise Inventory Page 2 of 8 Requirement 2 - 12 pts Date Chapter 6: Merchandise Inventory Accounts and Explanation Debit Credit Page 3 of 8 Chapter 6: Merchandise Inventory Page 4 of 8 on Hand Total Cost $1,100 $220 $5,030 $1,300 $1,300 Chapter 6: Merchandise Inventory Page 5 of 8 Chapter 6: Merchandise Inventory Page 6 of 8 Chapter 6: Merchandise Inventory Page 7 of 8 Chapter 6: Merchandise Inventory Page 8 of 8

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

Essentials Of Accounting

Authors: Leslie Breitner, Robert Anthony

11th Edition

0132744376, 978-0132744379

More Books

Students also viewed these Accounting questions

Question

Where does the person work?

Answered: 1 week ago

Question

Values: What is important to me?

Answered: 1 week ago

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago