Journalize the following transactions using the perpetual inventory system for the Hafner Tennis Shop. Apr. 4 Purchased merchandise inventory from Wellman Co. $840, FOB destination, terms, n/30. 8 Sold merchandise to customers for $1,150, terms n/30 with a cost of $790. 10 Received credit from Wellman of $40 for a racquet that was returned. 13 Paid Wellman Co. in full. 19 Sold merchandsie to members $810, for cash with a cost of $530. 20 Received payment of $500 cash from customers. Instructions: Prepare a Multi-Step Income Statement Part 3 (40 Points) Boarders sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Boarders purchases during September. During the month of September 95 Xpert snowboards were sold. Instructions: Use the following information to create a Cost of Merchandise Available chart and to compute the Ending Inventory and Cost of Goods Sold using the FIFO, LIFO, and Average Cost methods. Part 2 Racine Furnishings Co. Multi-Step Income statement. For Quarter Ending March 31 Sales 1150810 Gross Profit Operating Expenses Total Operating Expenses Income from Operations Other Revenues/Expenses Net Income Part 3 answer form Goods Available for Sale \begin{tabular}{|l|l|r|r|r|} \hline Date & Explanation & Units & Unit Cost & Total Cost \\ \hline Sept. 1 Inventory & 26 & $97 & \\ Sept. 12 Purchase & 45 & $102 \\ Sept. 19 Purchase & 20 & $104 \\ Sept. 26 Purchase & Totals -141 & $105 \\ & & & \\ \hline \hline \end{tabular} Sold Ending Inventory FIFO Ending inventory Cost of goods available less ending inv Cost of goods sold LIFO Ending inventory Cost of goods available less ending inv Cost of goods sold Average Cost Unit Cost = Ending inventory Cost of goods available less ending inv Cost of goods sold Journalize the following transactions using the perpetual inventory system for the Hafner Tennis Shop. Apr. 4 Purchased merchandise inventory from Wellman Co. $840, FOB destination, terms, n/30. 8 Sold merchandise to customers for $1,150, terms n/30 with a cost of $790. 10 Received credit from Wellman of $40 for a racquet that was returned. 13 Paid Wellman Co. in full. 19 Sold merchandsie to members $810, for cash with a cost of $530. 20 Received payment of $500 cash from customers. Instructions: Prepare a Multi-Step Income Statement Part 3 (40 Points) Boarders sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Boarders purchases during September. During the month of September 95 Xpert snowboards were sold. Instructions: Use the following information to create a Cost of Merchandise Available chart and to compute the Ending Inventory and Cost of Goods Sold using the FIFO, LIFO, and Average Cost methods. Part 2 Racine Furnishings Co. Multi-Step Income statement. For Quarter Ending March 31 Sales 1150810 Gross Profit Operating Expenses Total Operating Expenses Income from Operations Other Revenues/Expenses Net Income Part 3 answer form Goods Available for Sale \begin{tabular}{|l|l|r|r|r|} \hline Date & Explanation & Units & Unit Cost & Total Cost \\ \hline Sept. 1 Inventory & 26 & $97 & \\ Sept. 12 Purchase & 45 & $102 \\ Sept. 19 Purchase & 20 & $104 \\ Sept. 26 Purchase & Totals -141 & $105 \\ & & & \\ \hline \hline \end{tabular} Sold Ending Inventory FIFO Ending inventory Cost of goods available less ending inv Cost of goods sold LIFO Ending inventory Cost of goods available less ending inv Cost of goods sold Average Cost Unit Cost = Ending inventory Cost of goods available less ending inv Cost of goods sold
