Need help with requirements 1-2.
Sir Cleansalot Cleaning's post-closing trial balance at November 30, 2018, is as During December 2018, Sir Cleansalot completed the following transactions: follows (Click the icon to view the transactions.) (Click the icon to view the post-closing trial balance.) Sir Cleansalot Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Sir Cleansalot uses the perpetual inventory system Read the requirements Requirement 1. Prepare perpetual inventory records for December for Sir Cleansalot Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 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. Complete the first half of the schedule in this step, and the remaining half in the next step. (Enter the oldest inventory layers first. Enter a decrease in quantities and total costs for Purchases and for Cost of Goods Sold with a minus sign or parentheses. Round all unit cost amounts to two decimal places, X.xx, and all total cost amounts to the nearest whole dollar.) Purchases Cost of Goods Sold Inventory on Hand Units Total Total Unit Total Date QuantityCostCost Quantity Cost Ct QtityCost Cost Dec. 2 Dec. 2 Purchased 300 units of inventory for $1,500 on account from Gleam Cube Company on terms, 4/10, n/20. 5 Purchased 500 units of inventory from Clean It on account with terms 5/10, n/30. The total invoice was for $4,000, which included a $200 freight charge. 7 Returned 100 units of inventory to Gleam Cube from the December 2 purchase. 9 Paid Clean It. 11 Sold 150 units of goods to King Clean for $2,550 on account with terms n/30 12 Paid Gleam Cube. 15 Received 50 units with a sales price of $850 of goods back from customer King Clear. 21 Received payment from King Clean, settling the amount due in full. 28 Sold 150 units of goods to Annelyse, Inc. on account for $2,850. Terms 2/15, n/30. 29 Paid cash for utilities of $680. 30 Paid cash for Sales Commission Expense of $90 31 Received payment from Annelyse, Inc., less discount. 31 Recorded the following adjusting entries: Physical count of inventory on December 31 showed 400 units of goods on hand Depreciation, $300. Accrued salaries expense of $500. Estimated sales returns of $1,550, with cost of $465. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $120. a. b. c. d. e. Requirements 1. Prepare perpetual inventory records for December for Sir Cleansalot Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. 2. Journalize the transactions for December 11th, 28th, and 31st (adjusting entry a only) using the perpetual inventory record created in Requirement 1
