Nice Buy Company purchases inventory in crates of merchandise; each crate of inventory is a unit. The fiscal year of Nice Buy ends each danuary 31. Assume you Cash payments on account totaled $7,946,000. During fiscal year 2021 , are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale the store sold 153,000 units of merchandise for $15,682,500, of which store began the year with an inventory of 20,000 units that cost a total of \$5,300,000 was for cash and the balance was on account. Nice Buy and. $1,060,000. During the year, the store purchased merchandise on account as all of its stores use the average-cost method for inventories. The follows: Rosedale store's operating expenses for the year wore 33,250,000. it paid (Click the icon to view the purchases.) 70% in cash and accrued the fest as accrued liabilities. The store accrued income tax at the rate of 35%. Read tha romiremande Requirement 1. Make summary journal entries to record the store's transactions for the year ended January 31,2021 . Nice Buy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. (Record debits first, then credits. Exelude explanations from any joumal entries.) Let's start with the entry to record the purchases on account. Nice Buy Company purchasos inventory in ctates of merchandise; each crate of Cash payments on account totaled $7,946,000. During liscal year 2021. inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5,300,000 was for cash and the balance was on account. Nice Puy and store began the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchased merchandise on account as Rosedale store's operating expenses for the year were $3,250,000. It paid 70% in cash and accrued the rest as accrued liabilities. The store accrued follows: (Click the icon to view the purchases.) income tax at the rate of 35%. Next, record the cash payments on account for $7,946,000. Nice Buy Company purchases inventory in crates of merchandise; each crate of Cash payments on account totaled 57,946,000. During fiscal year 2021, inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5,300,000 was for cash and the balance was on account. Nice Buy and store began the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchased merchandise on account as Rosedale store's operating expenses for the year ware $3,250,000. It paid 70% in cash and accrued the rest as accrued liabilities. The store accrued follows: income tax at the rate of 35%. (Click the icon to view the purchases.) Now record the sale of merchandise for $15,682,500, of which $5,300,000 was for cash and the balance was on account. (Do not racord the cost related to the sale. We will do this in the next journal entry.) Nice Buy Company purchases inventory in crates of merchandise; each crate of Cash payments on account totaled $7,946,000. During fiscal year 2021 . inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5,300,000 was for cash and the balance was on account. Nice Buy and store began the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchased merchandise on account as Rosedale store's operating expenses for the year were $3,250,000. It paid 70% in cash and acorued the rest as accrued liabilities. The store accrued follows: (Click the icon to view the purchases.) income tax at the rate of 35%. Reart the raru iirsmante Record the cost related to the sale of merchandise. (Round unit costs to the nearest cent. Round your answer to the nearest whole dollar.) Nice Buy Company purchases inventocy in crates of merchandise; each crate of Cosh payments on account totaled 57,946,000. During fiscal year 2021, inventocy is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5.300,000 was for cash and the balance was on account. Nice Buy and store began the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchasod merchandise on account as Rosedale store's operating expenses for the year ware $3,250,000. It paid follows: 70% in cash and accrued the rest as acerued liabilities. The store accrued III (Click the icon to view the purchases.) income tax at the rate of 35%. Rend the ranainamante Now record the $3,250,000 operating expenses for the year. Nice Buy paid 70% in cash and accrued the rest as accrued liabilites. (Round your final answers to the nearest whole dollar.) Finally, record the entry to accrue income tax. (Round your final answers to the nearest whole dollar.) Noe Buy Company purchases imventory in crates of merohandise; each crate of inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you Cash payments on account totaied 57,946,000, During fiscal year 2021. the store sold 153,000 unite of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale store began the year with an inventory of 20,000 units that cost a total of $5,300,000 was for cash and the balance was on account. Nice Buy and all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchased merchandise on account as follows: Rosedale store's operafing expenses for the year were 53.250,000. it paid 70% in cash and accrued the rest as accrued liabilites. The store accrued (Click the icon to view the purchases,) income tax at the rate of 35%. Reart the reruicemente Requirement 2. Prepare a T-account to show the activity in the Inventory account. Post the beginning balance and activity to the T-account and calculate the ending invontory balance, (Abbreviations used. Beg Bal = Beginning Balance, CoGs a Cost of Goods Sold, End Bal = Ending Balance.) Nice Buy Company purchases inventory in crates of merchandise; each crate of Cash payments on account totaled $7,946,000. During fiscal year 2021, inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for $15,682,500, of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5,300,000 was for cash and the balance was on acoount. Nice Buy and store began the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventories. The $1,060,000. During the year, the store purchased merchandise on account as Rosedale store's operating expenses for the yoar were $3,250,000. It paid follows: 70% in cash and accrued the rest as accrued liabilities. The store accrued income tax at the rate of 35%. (Click the icon to view the purchases.) Raad the ramisiromente Nice Buy Company purchases imventery in crates of merchandise; each crate of Cash payments on account totaled 57,346,000. During fiscal year 2021, inventory is a unit. The fiscal year of Nice Buy ends each January 31. Assume you the store sold 153,000 units of merchandise for 515,882,500 of which are dealing with a single Nice Buy store in Rosedale, Minnesota. The Rosedale $5,300,000 was for cash and the balance was on account. Nice Buy and store bogan the year with an inventory of 20,000 units that cost a total of all of its stores use the average-cost method for inventeries. The $1,060,000. During the year, the store purchased morchandise on account as Rosedale store's operating expenses for the year ware $3.250.000. It paid follows: 70% in cash and accrued the rest as accrued liabities. The store accrued (Cick the ioon to view the purchases.) income tax at the rate of 35%. Raat the meviremante Cashingyments on account totaled $7,946,000. During fis sold 153,000 units of merchandise for $15,682,5 00 was for cash and the balance was on account. Data table tores use the average-cost method for inventorie store's operating expenses for the year were $3 ash and accrued the rest as accrued liabilities. Th ax at the rate of 35%. f merchandise for 315,682,500, of which the batance was on account. Nice Buy and Requirements je-cost method for inventories. The penses for the year were $3,250,000. it paid rest as accrued llabilities. The store accrued 1. Make summary journal entries to record the store's transactions for the year ended January 31, 2021. Nice Buy and all of its stores use a perpetual inventory system. Round average cost per unit to two decimal places and round all other amounts to the nearest dollar. 2. Prepare a T-account to show the activity in the Inventory account. 3. Prepare the store's income statement for the year ended January 31, 2021. Show totals for gross profit, income before tax, and net income