Lab 6.1 (Question 1) - Tyry Learning Inc - Microsoft Edge e https://lifa1lyryx.com/student-servietsLabServlet?cid=7845 Question 1 [12 points] Veloring employs a perpetual inventory system using FFO Velorinchas the following purchases and sales during the year ended December 31, 20 Inventory and Purchases Sales Beginning: 150 units @ $16/unit February 20:50 units March 13: 150 units @ $15/unit July 15 3 00 units May 20: 250 units 510/unit The units have a selling price of $15.00 per unit a) Calculate the cost of goods available for sale, the number of units avable for sale and the units remaining in ending inventory Cost of Goods a bile for sale Uns available for sale Unitsomag ending vertory Prepare journal entries to record(a) the purchase on May 29 and by the sale on July 15. Enter the transaction beter as the description when preparing a joumal entry wien a c tion requires two separate journal entries, we the same letter for both despions Dates must be entered in the format a mme. 15 Jan).) b) Please in the table by calculating the dollar value of cost of goods sold and ending inventory as well as the gross profit earned by Velor inc. Cost of Goods Sold Ending Inventory This schedule is provided for calculation purposes only and is not marked Purchases/Transportation Purchase Returns Oscount) Has to very Units Cost Untola A E 1250 G 300005-11 O Type here to search acer https://lifa 1.lyryx.com/student-servlets/LabServlet?ccid-7845 The units have a selling price of $15.00 per unit a) Calculate the cost of goods available for sale, the number of units available for sale, and the units remaining in ending inventory Cost of Goods vilable for sale Units available for sale Units remaining in ending inventory c) Prepare journal entries to record (a) the purchase on May 29 and (b) the sale on July 15. preparing a journal entry. When a transaction requires two separate journal entries, use the entered in the format dd/mmm (ie. 15/Jan).) General Journal Page 18 Accountxplanation F Debit Credit b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory as well as the gross profit earned by Velor Inc Cost of Goods Sold Ending Inventory Gross Profit This schedule is provided for calculation purposes only and is not marked. Purchases/Transportation-In/ Cost of Goods Sold (Purchase Returns/Discounts) (Returns to Inventory) Date Units Cost/Unit Total $ Units Cost/Unit Total $ Balance in Inventory Units Cost/Unit Total $ February 2012 March 13 May 29 July 15 SUBMIT AND MARK Official Time: 10:59:27 Type here to search