line of titanium cameras. Underwater Way, Inc., uses the average cost method and a perpetual inve ctivity for cameras for the month of July: records.) Data table pst of ending invel entory on hand ba on hand the end the inventory transactions for Underwater Way, inc., using the perpetual average cost method. Assume all pu lations from any journal entries.) Underwater Way, Inc., carries a line of titanium cameras. Underwater Way, Inc., uses the average cost method and a perpe records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. July 28 : Sold 8 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We July 28: Sold 8 cameras. Now journalize the cost of the cameras sold. then credits. Exclude explanations from any journal entries.) July 7: Purchased 18 cameras for $95 per camera. July 11: Sold 22 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do July 11: Sold 22 cameras. Now journalize the cost of the cameras sold. Requirements 1. Prepare a perpetual inventory record for the cameras on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Journalize the inventory transactions for Underwater Way, Inc., using the perpetual average cost method. Assume all purchases and sales are on account. quirement 2. Journalize the inventory transactions for Underwater Way, Inc., using the perpetual average cost method. Assume all purchases a credits. Exclude explanations from any journal entries.) ly 7: Purchased 18 cameras for $95 per camera. Underwater Way, Inc., carries a line of titanium cameras. Underwater Way, Inc., uses the average cost method and a perpetual inven records indicate the following activity for cameras for the month of July: (Click the icon to view the records.) Read the requirements. Now journalize the cost of the cameras sold. July 19: Purchased 19 cameras for $100 per camera. July 28: Sold 8 cameras. Begin by journalizing the revenue from the sale of cameras on account. (Do not journalize the cost related to the sale yet. We will do this in the Underwater Way, Inc., carries a Ine of ttanium cameras. Underwater Way, Inc., uses the average cost method and a perpetual inveritory system. The sales price of each camera is $166. Company records indicate the following activity for cameras for the month of July (Click the icon to view the records) Read the reguirements: Requirement 1. Prepare a perpetual inventory record for the cameras on the averege cost basis to determine tlye cost of ending inventory and cost of goods sold for the month. Round averago cost por unit to the nearest cent and al other amounts to the nearest dolar. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances afler each transaction. Once al of the transactions have been entered into the popetual record, calculate the quantify and total cost of imventory purchased, sold, and an hand at the end of the period. (Round averago coat per unit to the nearest cent and all other amounts to the nearest dolar.) Requirement 2. Journdize the imentory transactions for Underwater Way, inc; using the perpetual average cost method. Assume al purchases and sales are on account, Record debits first
