Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records using the following transactions:Oct.1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. For the year ended December 31, 2018, a physical inventory account resulted in the following counts: desk lamps, 2,475; table lamps, 5,990; and floor lamps, 4,900. Update the inventory records.

Begin with the inventory record for desk lamps. 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.)

Requirement 2 and Requirement 5c. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. For the year ended December 31, 2018, a physical inventory account resulted in the following counts: desk lamps, 2,475; table lamps, 5,990; and floor lamps, 4,900. Update the inventory records. Begin with the inventory record for desk lamps. 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.) Desk lamps: Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Sep. 30 Oct. 1 6,000 $ 11 $ 66,000 Inventory on Hand Unit Total Quantity Cost Cost 2,000 $ 12 $ 24,000 2,000 $ 12 $ 24,000 6,000 $ 11 $ 66,000 15 1,300 24 31,200 6,000 $ 11$ 66,000 Nov. 1 3,500 24 84000 an 6,000 $ 14 $ 84,000 15 2,100 24 50400 Dec. 27 4,600 24 110400 311 Totals 12,000 $ 150,000 X More Info The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC owns land with a building, which is separated into two parts: office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses. All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Print Done Data Table X 1,300 Item 3,500 Desk Lamp Table Lamp Floor Lamp Quantity Unit Cost Total Cost 2,000 $ 12 $ 24,000 4,000 $ 14 56,000 2,100 $ 32 67,200 $ 147,200 Total 2,100 Print Done 4,600 Oct. 1 Oct. 12 Oct. 15 Oct. 20 Oct. 23 Oct. 28 Oct. 30 Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 6.000 desk lamps at $11 each 8,000 table lamps at $15 each 2,000 floor lamps at $22 each Sold lamps on account to Celestial Home Furnishings, terms 1/10, n/30: 5,500 table lamps at $41 each Sold lamps on account to Newnan Office Supply, terms 2/10, 1/30: 1,300 desk lamps at $24 each Received a check from Celestial Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Newnan Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Lance Home Stores, terms 2/10, 1/30: 2,500 table lamps at $41 each 1,600 floor lamps at $68 each Paid amount due to Wasatch Lights from Oct. 1 purchase. Paid salaries, $41,000 (75% selling, 25% administrative). Paid utilities, $3,000 (60% selling, 40% administrative). Sold lamps on account to Newnan Office Supply, terms 1/10, 1/30: 3,500 desk lamps at $24 each Purchased lamps on account from Wasatch Lights, terms n/30, FOB destination: 6,000 desk lamps at $14 each 10,500 table lamps at $17 each 4,000 floor lamps at $24 each Received a check from Lance Home Stores for full amount owed on Oct. 28 sale. Received a check from Newnan Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $425 for the office: $575 for the warehouse. Sold lamps on account to Walker Office Supply, n/30: 2,100 desk lamps at $24 each Sold lamps on account to Market Discount Stores, terms 2/10, 1/30: Oct. 31 Oct. 31 Nov. 1 Nov.5 Nov. 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Nov. 18 Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Sold lamps on account to Market Discount Stores, terms 2/10, n/30: 2,100 table lamps at $41 each 1,600 floor lamps at $68 each Received a check from Market Discount Stores for full amount owed on Nov. 18 sale. Paid salaries, $41,000 (75% selling, 25% administrative). Paid utilities, $2,910 (60% selling, 40% administrative). Paid amount due to Wasatch Lights from Nov.5 purchase. Received a check from Walker Office Supply for full amount owed on Nov. 15 sale. Daggs withdrew $40,000 from the business. Sold lamps on account to Celestial Home Furnishings, terms 1/10,n/30: 4,600 desk lamps at $24 each 6,400 table lamps at $41 each Paid salaries, $41,000 (75% selling, 25% administrative). Paid utilities, $3,400 (60% selling, 40% administrative). Dec. 27 Dec. 31 Dec. 31 Daggs Lamp Company Trial Balance September 30, 2018 Balance Account Debit Credit Cash 492,000 Accounts Receivable 0 Merchandise Inventory 147,200 Office Supplies 320 Warehouse Supplies 420 Land 32,000 Building 820,000 Office Furniture and Equipment 140,000 Warehouse Fixtures 270,000 Accumulated Depreciation 246,000 Accounts Payable Daggs, Capital 346.100 Daggs, Withdrawals Sales Revenue 2,724,440 Cost of Goods Sold 1,054,600 Salaries ExpenseSelling 224,000 Utilities Expense-Selling 28,000 Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative 86,000 Utilities Expense-Administrative 22.000 0 0 0 28.000 0 0 Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 86,000 22.000 0 0 $ $ 3,316,540 $ 3,316,540 Total