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The Dakins Lamp Company (DLC), owned by Jennifer Dakins, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. (Click the icon to view the additional information.) The trial balance for DLC as of September 30, 2018 follows: (Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of the following lamps: E (Click the icon to view the Merchandise Inventory.) During the fourth quarter of 2018, DLC completed the following transactions: (Click the icon to view the transactions). Read the requirements. 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 2018, a physical inventory account resulted in the following counts: desk lamps, 984; table lamps, 4,397, and floor lamps, 4,400. 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 Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Data Table - X Date Quantity Cost Cost Quantity Cost Cost Sep. 301 Oct. Item 15 Desk Lamp Table Lamp Quantity Unit Cost Total Cost 3,200 $ 6 $ 19,200 2.400 $ 16 38,400 2,200 $ 52,800 $ 110,400 Floor Lamp 24 Nov. 1 Total 51 Print Done 15 Dec. 27 31 Totals Enter any number in the edit fields and then click Check Answer. 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 Account Devil Creuil $ 442,000 0 110,400 410 240 12,000 740,000 140,000 380,000 $ Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Dakins, Capital Dakins, Withdrawals Sales Revenue Cost of Goods Sold Salaries ExpenseSelling Utilities Expense-Selling Supplies ExpenseSelling Depreciation Expense-Selling Salaries ExpenseAdministrative Utilities ExpenseAdministrative Supplies Expense-Administrative Depreciation Expense-Administrative 252,000 0 426,900 0 2,743,150 1,115,000 320,000 37,000 0 0 95,000 30,000 0 0 $ Total 3,422,050 $ 3,422,050 Print Done Oct. 1 Purchased lamps on account from Teton Lights, terms n/30, FOB destination: 5,500 desk lamps at $12 each 8,500 table lamps at $15 each 2,000 floor lamps at $24 each 12 Sold lamps on account to Opus Home Furnishings, terms 2/10, n/30: 4,500 table lamps at $49 each 15 Sold lamps on account to Acworth Office Supply, terms 2/10, n/30: 600 desk lamps at $25 each 20 Received a check from Opus Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Acworth Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Pike Home Stores, terms 1/10, n/30: 4,000 table lamps at $49 each 1,600 floor lamps at $61 each 30 Paid amount due to Teton Lights from Oct. 1 purchase. 31 Paid salaries, $37,000 (65% selling, 35% administrative). 31 Paid utilities, $2,000 (60% selling, 40% administrative). Nov. 1 Sold lamps on account to Acworth Office Supply, terms 2/10, n/30: 4,100 desk lamps at $25 each 5 Purchased lamps on account from Teton Lights, terms n/30, FOB destination: 5,500 desk lamps at $15 each 11,000 table lamps at $18 each 4,000 floor lamps at $25 each 5 Received a check from Pike Home Stores for full amount owed on Oct. 28 sale 8 Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. 10 Purchased and paid for supplies: $525 for the office: $575 for the warehouse 15 Sold lamps on account to Morgan Office Supply, n/30: 1,700 desk lamps at $25 each 18 Sold lamps on account to Bazaar Discount Stores, terms 3/10, n/30: 2,200 table lamps at $49 each 2,200 floor lamps at $61 each 28 Received a check from Bazaar Discount Stores for full amount owed on Nov. 18 sale. 30 Paid salaries, $37,000 (65% selling, 35% administrative). 30 Paid utilities, $2,140 (60% selling, 40% administrative) Dec. 5 Paid amount due to Teton Lights from Nov.5 purchase. 15 Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale 15 Dakins withdrew $70,000 from the business. 27 Sold lamps on account to Opus Home Furnishings, terms 3/10, n/30: 6,800 desk lamps at $25 each 6,800 table lamps at $49 each 31 Paid salaries, $37,000 (65% selling, 35% administrative). 31 Paid utilities, $3,300 (60% selling, 40% administrative) The Dakins Lamp Company (DLC), owned by Jennifer Dakins, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. (Click the icon to view the additional information.) The trial balance for DLC as of September 30, 2018 follows: (Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of the following lamps: E (Click the icon to view the Merchandise Inventory.) During the fourth quarter of 2018, DLC completed the following transactions: (Click the icon to view the transactions). Read the requirements. 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 2018, a physical inventory account resulted in the following counts: desk lamps, 984; table lamps, 4,397, and floor lamps, 4,400. 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 Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Data Table - X Date Quantity Cost Cost Quantity Cost Cost Sep. 301 Oct. Item 15 Desk Lamp Table Lamp Quantity Unit Cost Total Cost 3,200 $ 6 $ 19,200 2.400 $ 16 38,400 2,200 $ 52,800 $ 110,400 Floor Lamp 24 Nov. 1 Total 51 Print Done 15 Dec. 27 31 Totals Enter any number in the edit fields and then click Check Answer. 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 Account Devil Creuil $ 442,000 0 110,400 410 240 12,000 740,000 140,000 380,000 $ Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Dakins, Capital Dakins, Withdrawals Sales Revenue Cost of Goods Sold Salaries ExpenseSelling Utilities Expense-Selling Supplies ExpenseSelling Depreciation Expense-Selling Salaries ExpenseAdministrative Utilities ExpenseAdministrative Supplies Expense-Administrative Depreciation Expense-Administrative 252,000 0 426,900 0 2,743,150 1,115,000 320,000 37,000 0 0 95,000 30,000 0 0 $ Total 3,422,050 $ 3,422,050 Print Done Oct. 1 Purchased lamps on account from Teton Lights, terms n/30, FOB destination: 5,500 desk lamps at $12 each 8,500 table lamps at $15 each 2,000 floor lamps at $24 each 12 Sold lamps on account to Opus Home Furnishings, terms 2/10, n/30: 4,500 table lamps at $49 each 15 Sold lamps on account to Acworth Office Supply, terms 2/10, n/30: 600 desk lamps at $25 each 20 Received a check from Opus Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Acworth Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Pike Home Stores, terms 1/10, n/30: 4,000 table lamps at $49 each 1,600 floor lamps at $61 each 30 Paid amount due to Teton Lights from Oct. 1 purchase. 31 Paid salaries, $37,000 (65% selling, 35% administrative). 31 Paid utilities, $2,000 (60% selling, 40% administrative). Nov. 1 Sold lamps on account to Acworth Office Supply, terms 2/10, n/30: 4,100 desk lamps at $25 each 5 Purchased lamps on account from Teton Lights, terms n/30, FOB destination: 5,500 desk lamps at $15 each 11,000 table lamps at $18 each 4,000 floor lamps at $25 each 5 Received a check from Pike Home Stores for full amount owed on Oct. 28 sale 8 Received a check from Acworth Office Supply for full amount owed on Nov. 1 sale. 10 Purchased and paid for supplies: $525 for the office: $575 for the warehouse 15 Sold lamps on account to Morgan Office Supply, n/30: 1,700 desk lamps at $25 each 18 Sold lamps on account to Bazaar Discount Stores, terms 3/10, n/30: 2,200 table lamps at $49 each 2,200 floor lamps at $61 each 28 Received a check from Bazaar Discount Stores for full amount owed on Nov. 18 sale. 30 Paid salaries, $37,000 (65% selling, 35% administrative). 30 Paid utilities, $2,140 (60% selling, 40% administrative) Dec. 5 Paid amount due to Teton Lights from Nov.5 purchase. 15 Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale 15 Dakins withdrew $70,000 from the business. 27 Sold lamps on account to Opus Home Furnishings, terms 3/10, n/30: 6,800 desk lamps at $25 each 6,800 table lamps at $49 each 31 Paid salaries, $37,000 (65% selling, 35% administrative). 31 Paid utilities, $3,300 (60% selling, 40% administrative)