Prepare complete the inventory record for table 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. Remember, for the year ended December 31, 2018, a physical inventory account resulted in the following counts: desk lamps, 2,492; table lamps, 5,892; and floor lamps, 4,900.

The Dakins Lamp Company (DLC), owned by Jessica 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 EEB (Click the icon to view the trial balance.) Merchandise Inventory as of September 30 consists of the following lamps EEB (Click the icon to view the Merchandise Inventory.) During the fourth quarter of 2018, DLC completed the following transactions 1 (Click the icon to view the transactions). Read the requirements. More Info Data Table 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 Item Desk Lamp Table Lamp Floor Lamp Total Quantity Unit Cost Total Cost 3,500 S 3,400 S 2,100 S 6 S 13 28 21,000 44,200 58,800 124,000 Print Done Print Done Clear All Check Answer remaining