Lyndhurst Inc. inventory records for a particular development program show the following at August 31,2020 : (Click the icon to view the accounting records.) At August 31, 11 of these programs are on hand. Lyndhurst uses the perpetual inventory system. Required 1. Journalize for Lyndhurst: a. Total August purchases in one summary entry. All purchases were on credit. b. Total August sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Lyndhurst uses the FIFO inventory method. 2. Under FIFO, how much gross profit would Lyndhurst earn on these transactions? What is the FIFO cost of Lynchurst's ending inventory? Requirement 1a. Joumalize for Lyndhurst's total August purchases in one summary entry. All purchases were on credit. (Record debits first, then credits. Explanations are not required.) Requirement 1b. Journalize for Lyndhurst's total August sales and cost of goods sold in two summary entries. The selling price was $600 per unit and all sales were on credit. Lyndhurst uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do thls in the next journal entry.) Let's start by recording the entry for August sales. Lyndhurst Inc. inventory records for a particular development program show the following at August 31,2020 : (Click the Icon to vlew the accounting records.) At August 31, 11 of these programs are on hand. Lyndhurst uses the perpetual inventory system. Required 1. Jourralize for Lyndhurst: a. Total August purchases in one summary entry. All purchases were on credit. b. Total August sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Lyndhurst uses the FIFO inventory method. 2. Under FIFO, how much gross prolit would Lyndhurst earn on these transactions? What is the FIFO cost of Lyndhurst's ending inventory? Requirement 1b. Journalize for Lyndhurst's total August sales and cost of goods sold in two summary entries. The selling price was $600 per unit and all sales were on credit. Lyndhurst uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Ler's start by recording the entry for August sales. Lyndhurst Inc. inventory records for a particular development program show the following at August 31,2020 : (Cllek the lcon to view the accounting records.) At August 31, 11 of these programs are on hand. Lyndhurst uses the perpetual inventory system. Required 1. Joumalize for Lyndhurst: a. Total August purchases in one summary entry. All purchases were on credit. b. Total August sales and cost of goods sold in two summary entries. The selling price was $6bD per unit, and all sales were on credit. Lyndhurst uses the FIFO inventory method. 2. Under FIFO, how much gross prolit would Lyndhurst earn on these transactions? What is the FIFO cost of Lyndhurst's ending inventory? Requirement 2. Under FIFO, how much gross prolit would Lyndhurst eam on these transactions? What is the FIFO cost of Lyndhurst's ending inventory? How much gross profit would Lyndhurst earn on these transactions? 5 What is the FIFO cost of ending inventory? $ Lyndhurst Inc. inventory records for a parlicular development program show the following at August 31,2020 : (Click the icon to view the accounting records.) At August 31,11 of these programs are on hand. Lyndhurst uses the perpetual inventory system. Requirement 1b. Journalize for Lyndhurst's total August sales and cost of goods sold in two summary entries. The selling price was $600 per unit and all sales were on credit. Lyndhurst uses the FIFO inventory method. (Do not yet record the cost related to the sale. We will do thls In the next journal entry.) Let's start by recording the entry for August sales
