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Presented below are transactions related to Nash, Inc. Nash uses the periodic inventory method. May 10 Purchased goods billed at $14,200 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $16,000 subject to terms of 1/15, n/30 19 Paid invoice of May 10. 24 Purchased goods billed at $8,600 subject to cash discount terms of 2/10, n/30. (a) Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry for the account titles and enter Ofor the amounts. Round answers to O decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Splish Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April 15 purchase 420 41 17.220 April 23 purchase 270 44 11,880 1,000 $39,640 (a) Your answer is correct. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit $ 39.64 e Textbook and Media Attempts: 1 of 2 used Using multiple attempts will impact your score, 70% score reduction after attempt 1 (b) Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to decimal places, e.g. 2,760.) Ending inventory $ Cost of goods sold $ e Textbook and Media Inventory information for Part 311 of Sheridan Corp, discloses the following information for the month of June. Question Accounting June 1 Balance 301 units @ $12 June 10 Sold 197 units @ $29 500 units @ $30 $ 11 Purchased 803 units @ $14 15 Sold Question Accounting 20 Purchased 502 units @ $16 27 Sold 297 units @ $32 Question Accounting (a) Questior Accounting Your answer is correct. Question Accounting Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Viewing Accounting (1) LIFO (2) FIFO Question Accounting Cost of Goods Sold $ $ 14920 $ 13314 Question Accounting Ending Inventory $ 7966 $ $ 9572 Question Accounting e Textbook and Media Attempts: 1 of 2 used Questior Accounting Using multiple attempts will impact your score. 70% score reduction after attempt 1 (b) b) Your answer is incorrect. Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO $
