NEED HELP ASAP!!!!!
Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements (LIFO) Now journalize Watches R Us's inventory transactions for June under the weighted average (W. Avg.) method. Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun. 3 (W. Avg.) Now journalize the expense related to the June 3 saleSold 8 units. > Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Now journalize the expense related to the June 3 sale--Sold 8 units. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun 3 (W. Avg.) Jun. 16: Purchased 10 units at $56 each. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit > Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements. Jun. (W. Avg.) Jun. 16. Purchased 10 units at $56 each. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 (W. Avg.) Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. > Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements (W. Avg.) Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun. 23 (W. Avg.) Now journalize the expense related to the June 23 saleSold 8 units. Review the weighted average perpetual record you prepared above. 11 11 II Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements (W. Avg.) Now journalize the expense related to the June 23 saleSold 8 units. Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun. 23 (W. Avg.) Requirement 3. Show the computation of gross profit for each method. Review the revenue journal entries you prepared above. Review the FIFO record you prepared above. > Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Requirement 3. Show the computation of gross profit for each method. Review the revenue journal entries you prepared above. Review the FIFO record you prepared above. Review the LIFO perpetual record you prepared above. Review the weighted average perpetual record you prepared above. Sales Revenue Cost of Goods Sold Gross profit FIFO LIFO Weighted average Requirement 4. Which method maximizes net income? Which method minimizes income taxes? The method maximizes net income. The V method minimizes income taxes Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Begin by preparing a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun. 1 3 16 23 Totals Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements. Prepare a perpetual inventory record using LIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) LIFO: Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun. 1 3 16 23 Totals Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements JL JL Totals Prepare a perpetual record using the weighted average inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Weighted Average: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun. 1 3 16 23 Totals Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements. Requirement 2. Journalize all of Watches R Us's inventory transactions for June under all three costing methods. Assume all sales and purchases are on account. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Begin by journalizing Watches R Us's inventory transactions for June under the FIFO method. Jun. 3. Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun. 3 (FIFO) Now journalize the expense related to the June 3 saleSold 8 units. Review the FIFO perpetual record you prepared above Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Jun 3 (FIFO) Now journalize the expense related to the June 3 saleSold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 3 (FIFO) Jun. 16: Purchased 10 units at $56 each. Raviow the len nornatural rorord vor nranared above Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Jun. 16. Purchased 10 units at $56 each. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 (FIFO) Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun. 23 (FIFO) Now journalize the expense related to the June 23 saleSold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit > Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Now journalize the expense related to the June 23 saleSold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 23 (FIFO) Next, journalize Watches R Us's inventory transactions for June under the LIFO method. Jun. 3. Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. nota MAAARINA Nabil Cadit Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements. Next, journalize Watches R Us's inventory transactions for June under the LIFO method. Jun. 3. Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun 3 (LIFO) Now journalize the expense related to the June 3 sale-Sold 8 units. Review the LIFO perpetual record you prepared above Date Accounts Debit Credit Jun 3 > Choose from any list or enter any number in the input fields and then continue to the next question. Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the fequirements. Now journalize the expense related to the June 3 saleSold 8 units. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 3 (LIFO) Jun. 16. Purchased 10 units at $56 each. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 (LIFO) Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jun. 23 (LIFO) Choose from any list or enter any number in the input fields and then continue to the next question. ? Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During June, Watches R Us bought and sold inventory as follows: (Click the icon to view the transactions.) Read the requirements. Review the LIFO perpetual record you prepared above. Requirements Date Accounts Debit Jun. 16 (LIFO) 1. Prepare a perpetual inventory record for Watches R Us using the FIFO, LIFO, and weighted average inventory costing methods. 2. Journalize all of Watches R Us's inventory transactions for June under all three costing methods. Assume all sales and purchases are on account. Explanations are not required. 3. Show the computation of gross profit for each method. 4. Which method maximizes net income? Which method minimizes income taxes? Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expen Date Accounts Debit Jun. 23 Print Done (LIFO) Choose from any list or enter any number in the input fields and then continue to the next
