Please read carefully
ASAP please help with SECTION B
Susaris s ashionabie friends always bought the newest, trendiest jeans, and chded up With too marny. closet space. Susan used her smarts and came up witha cool ideas encourage people to donate their jeans, or sell them to her for a nominal amount, and she would then rework them into snamy lean jackets. Behold: Snazry Inc. was born. But while Susan is blesied with creativity and sewing skills, she needs help organizing and surwmarizing her business costs. Some transactions that Susan engaged in this year, in no particular order, are as follows. 1. Purchased a new sewing machine for $3,000, with an estimated life of 5 years, used exchusively for her business. 2. Purchased thread, buttons, and patches for $270-all of which were used up this year. 3. Purchased new /eans for $1,000 and collected donated jeans from triends. 4. Paid friend $1,770 to help cut and sew the jackets together. 5. Finished making many jackets and sold all but one of them, and its total cost is $90. 6. Started the year with several completed jackets walting to be sold; the combined cost of these was $420. 7. Paid $400 to ship three batches of jackets across the country as part of the sales transaction. 8. Paid $310 to run a series of ads in online channels. 9. Finished making all jackets she started except for one, which is still attached to the sewing machine, half-finished; it has an estimated cost so far of $40. 10. Began the year with no jackets in the partially completed stage. 11. Counted 40 pairs of jeans still waiting to be transtormed at yearend; the cost of these is estimated at 5120 . 12. At the beginning of the year, had just 10 pairs of jeans sitting on the shelf untouched, with a combined cost of $30. Your answer is incorrect. Create T-accounts for RM Inventory, WIP Inventory, FG Inventory, and COGS. Enter any appropriate beginning balances and record any amounts that would have been debited or credited to these accounts during the year. Lastly, determine ending balances for all four accounts. Susaris s ashionabie friends always bought the newest, trendiest jeans, and chded up With too marny. closet space. Susan used her smarts and came up witha cool ideas encourage people to donate their jeans, or sell them to her for a nominal amount, and she would then rework them into snamy lean jackets. Behold: Snazry Inc. was born. But while Susan is blesied with creativity and sewing skills, she needs help organizing and surwmarizing her business costs. Some transactions that Susan engaged in this year, in no particular order, are as follows. 1. Purchased a new sewing machine for $3,000, with an estimated life of 5 years, used exchusively for her business. 2. Purchased thread, buttons, and patches for $270-all of which were used up this year. 3. Purchased new /eans for $1,000 and collected donated jeans from triends. 4. Paid friend $1,770 to help cut and sew the jackets together. 5. Finished making many jackets and sold all but one of them, and its total cost is $90. 6. Started the year with several completed jackets walting to be sold; the combined cost of these was $420. 7. Paid $400 to ship three batches of jackets across the country as part of the sales transaction. 8. Paid $310 to run a series of ads in online channels. 9. Finished making all jackets she started except for one, which is still attached to the sewing machine, half-finished; it has an estimated cost so far of $40. 10. Began the year with no jackets in the partially completed stage. 11. Counted 40 pairs of jeans still waiting to be transtormed at yearend; the cost of these is estimated at 5120 . 12. At the beginning of the year, had just 10 pairs of jeans sitting on the shelf untouched, with a combined cost of $30. Your answer is incorrect. Create T-accounts for RM Inventory, WIP Inventory, FG Inventory, and COGS. Enter any appropriate beginning balances and record any amounts that would have been debited or credited to these accounts during the year. Lastly, determine ending balances for all four accounts
