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Please help with last picture VITAMINS Purchases Unit Cost Cost of goods sold QTY Unit Cost Total Cost Date QTY Total Cost Inventory on hand
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VITAMINS Purchases Unit Cost Cost of goods sold QTY Unit Cost Total Cost Date QTY Total Cost Inventory on hand QTY Unit Cost Total Cost 80 $ 30 $ 2 400 Beginning 130 $ 35 $ 4 500 130 $ 35 $ 4 500 Purchase 1 Sale 1 60 30 1990 9880 130 76 20 30 600 4800 40 Purchase 2 120 4800 120 40 20 30 600 10 30 300 Sale 2 120 40 10 30 300 4800 19780 320 10 300 Ending B D G H T Pur 2 Inventory Accounts Payable 4 800 4 800 Record the journal entry for Sale 2 Journal Entry Date Accounts Debit Credit Sale 2 9 100 Accounts Receivable Sales Revenue 9 100 Record the cost of goods sold associate with Sale 2. Date Debit Journal Entry Accounts Cost of goods sold Inventory Credit Sale 2 5 100 5 100 Now prepare the entry for the payment of accounts payable Journal Entry D G Requirement 3 Journalize all transactions using LIFO. Begin by preparing the journal entry for the first purchase. Date Puri Journal Entry Accounts Inventory Accounts Payable Debit Credit 4 550 4 550 Record the journal entry for Sale 1. Date Journal Entry Accounts Accounts Receivable Sales Revenue Debit Credit Sale 1 11 400 11 400 Record the cost of goods sold associated with Sale 1. Date Journal Entry Accounts Cost of goods sold Inventory Credit Debit 6 350 Sale 1 6 350 Record purchase 2 Journal Entry Accounts Date Debit Credit Pur 2 4 800 Inventory Accounts Payable 4 800 Record the journal entry for Sale 2 fr B C D E F G H K Body Builder World began January with an inventory of 80 crates of vitamins that cost a total of $2,400. During the month, Body Builder World purchased and sold merchandise on account as follows: Purchase 1 130 crates @ $ 35 Sale 1. 190 crates @ $ 60 Purchase 2 120 crates @ $ 40 Sale 2 130 crates @ $ 70 Problem 1 Requirement 1. Which inventory method most closely mimics the physical flow of Body Builder World's inventory? 2. Prepare a perpetual inventory record, at LIFO cost, for this merchandise. Tournalize all transactions ricing TIFO 1 2 3 4 5 6 2 8 A H J K B. C D F G Journalize all transactions using LIFO. Begin by preparing the journal entry for the first purchase. Journal Entry Accounts Date Debit Credit Record the journal entry for Sale 1. Journal Entry Date Accounts Debit Credit Record the cost of goods sold associated with Sale 1Step by Step Solution
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