KKK Supergrain Milling uses the perpetual inventory system. The following are transactions to one of the items in its stock, Maharlika rice. Its beginning inventory of maharlika rice is 550 sacks with a unit cost of P2,500. Sold 250 sacks at P2,570 per sack to Interlink Traders. Terms 2 Nov 2/10,n/60 FOB shipping point. Paid P100 per sack for shipping charges related to the Nov 2 sale to 3 Interlink. Purchased 1,200 sacks of maharlika rice from Nueva Rice Traders at 9 P2,540 per sack. Terms 2/15, n/60 FOB destination. Received a credit memorandum of P120 per sack on 100 sacks of 10 rice delivered on purchases last November 9 due to 2 kilos shortage. Purchased 400 sacks of maharlika rice from San Leonardo Grains Co. 11 for 2,520 per sack. Terms 1/15, n/30 FOB shipping point. Received the balance due from Interlink Traders for the credit sale 12 dated Nov 2 net of the discount. 13 Paid P80 per sack for freight charges on the purchase on Nov 11. Sold 350 sacks to Jolibee Commisary Corp for P2,550 per sack 2/15. 14 n/60 FOB shipping point. Issued a credit memorandum to Jolibee Commisary for the 10 sacks 15 returned due to water damaged on storage on rice sold on Nov 14. Paid the balance due to Nueva Rice Traders after deducting the 24 return and discount Sold 400 sacks of rice at 2,560 per sack to Central Luzon Voyage Co. 25 Terms 2/10,n/30 FOB shipping point. Sold 500 sacks of rice at P2,580 per sack to Max Restaurant 26 Commisary. Terms: 2/10,n/45 FOB destination. Received Jolibee's payment for the amount due from the Nov 14 sale 27 less return and discount availed. Purchased 250 sacks of maharlika rice from San Leonardo Grains Co. 28 for 2,530 per sack. Term 2/10, n/30 FOB Destination. The goods arrive on Dec 2. Paid P100 per sack for shipping charges related to the Nov 26 sale to 29 Max. 30 Based on physical count the goods on hand totaled 630 sacks Post the related transactions in the inventory subsidiary ledger using the moving weighted average method. Prepare journal entries to record the above transactions. Use the following accounts for journalizing. Round of to the nearest hundredth (ex 1,234.56) and if there is no decimal in the journal do not input .00 just type the amount (ex 1,000). Accounts receivable Accounts Payable Cash Cost of goods sold Delivery expense Maharlika Rice Inventory Sales Sales Discount Question 1 2 pts Journal for Nov 2 Debit Credit Debit Credit 1 pts Question 2 Journal for Nov 3 Debit Credit 1 pts Question 3 Journal for Nov 9 Debit Credit D Question 4 1 pts Journal for Nov 10 Debit Credit Question 5 1 pts Journal for Nov 11 Debit Credit
