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2 2. Assume that payment to BRU is made on May 24 instead of May 10. Record this payment Date Account Debit Credit + SivigQdbolzaPGJkDoow/edit edit was 36 minutes ago BIU EE EX Chapter 6 - Homework Assignment Problem One: During the year, Masks R Us Corporation has the following inventory transactions Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory SO S42 $ 2.100 Ape 7 Purchase 130 41 5,720 Jul. 16Purchase 200 47 9.400 Oct 6 Purchase 110 18 5.280 490 $22.500 For the entire year, the company sells 440 units of inventory for $60 each Required: 1. Using FIFO, calculate (a) ending inventory b) cost of goods sold (c) sales revenue, and (d) gross profit I a) Ending Inventory S2400 b) CGS $20100 c) Sales Revenue $26400 d) Gross Profit $6300 2. Using LIFO, calculate (a) ending inventary, (b) cost of poodi old, (c) sales revenue and (d) gros profit a) Ending Inventory $2100 by CGS $20.00 $26.400 cSales Revenue $6000 d) Gross Pront 3. Using weighted average cost calculate ca dupie (b) cost of goods sold. (c) sales revenue and (d) gross profit anding inventor 52290 was 37 minutes ago - BI UA IEE-EEEX . 1 2 3 4 6 7 Problem Two: JC Bikes has the following transactions during May Purchases bikes on account from Bikers R Us Wholesale for $3 300, terms 1/10 n 30 May 2 May 3 Pays cash for freight costs of $200 on bikes purchased from BRU. May 5 Returns bikes with a cost of $400 to BRU because part of the order is incorrect Pays the full amount due to BRU May 10 May 30 Sells all Bikes purchased on May 2 (less those returned on May 5) for $4,000 on account Required: 1. Record the transactions of JC Bikes, assuming the company uses a perpetual inventory system Date Account Debit Credit May 2 Purchases 5300 accounts payable 3300 May 3 Freight Expenses 200 Cash 200 May 3 Accounts Payable 400 To purchase return 400 May 10 Accounts Payable 2900 To discount recerved 39 Cash 3871 4000 May 30 Accounts Receivable 4000 Sales