Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Prepare the inventory record for table lamps. Read the Table lamps: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total
Prepare the inventory record for table lamps. Read the Table lamps: Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Cost Cost Quantity Cost Cost Quantity Cost Cost Date Quantity Sep. 30 Oct. 1 12 28 Nov. 5 18 Dec. 27 31 Totals Oct. 1 Oct. 12 Oct. 15 Oct. 20 Oct. 23 Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 5,500 desk lamps at $12 each 4,500 table lamps at $20 each 2,000 floor lamps at $21 each Sold lamps on account to Moonbeam Home Furnishings, terms 2/10,n/30: 2,500 table lamps at $48 each Sold lamps on account to Newnan Office Supply, terms 1/10, n/30: 1,400 desk lamps at $17 each Received a check from Moonbeam Home Furnishings for full amount owed on Oct. 12 sale. Received a check from Newnan Office Supply for full amount owed on Oct. 15 sale. Sold lamps on account to Skyway Home Stores, terms 1/10,n/30: 2,000 table lamps at $48 each 1,100 floor lamps at $63 each Paid amount due to Appalachian Lights from Oct. 1 purchase. Paid salaries, $39,000 (75% selling, 25% administrative). Paid utilities, $2,300 (70% selling, 30% administrative) Sold lamps on account to Newnan Office Supply, terms 2/10, 1/30: 2,900 desk lamps at $17 each Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: Oct. 28 Oct. 30 Oct 31 Oct 31 Nov. 1 Nov. 5 More Info Nov, 5 Nov 5 Nov. 8 Nov. 10 Nov. 15 Nov. 18 Purchased lamps on account from Appalachian Lights, terms n/30, FOB destination: 5,500 desk lamps at $14 each 7,000 table lamps at $21 each 4,000 floor lamps at $23 each Received a check from Skyway Home Stores for full amount owed on Oct. 28 sale. Received a check from Newnan Office Supply for full amount owed on Nov. 1 sale. Purchased and paid for supplies: $220 for the office: 5775 for the warehouse. Sold lamps on account to Morgan Office Supply, n/30: 1.700 desk lamps at $17 each Sold lamps on account to Metro Discount Stores, terms 3/10,n/30: 1,500 table lamps at $48 each 1,900 floor lamps at $63 each Received a check from Metro Discount Stores for full amount owed on Nov. T8 sale. Paid salaries, $39,000 (75% selling, 25% administrative). Paid utilities, $2,140 (70% seling, 30% administrative). Paid amount due to Appalachian Lights from Nov. 5 purchase. Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale. Darbys withdrew $55,000 from the business. Sold lamps on account to Moonbeam Home Furnishings, terms 1/10,n/30: Nov. 28 Nov. 30 Nov. 30 Dec. 5 Dec. 15 Dec. 15 Dec. 27 Print Done MacBook Air Dec. 5 Dec. 15 Dec. 15 Dec. 27 Paid amount due to Appalachian Lights from Nov. 5 purchase. Received a check from Morgan Office Supply for full amount owed on Nov. 15 sale. Darbys withdrew $55,000 from the business. Sold lamps on account to Moonbeam Home Furnishings, terms 1/10, n/30: 5,800 desk lamps at $17 each 2,000 table lamps at $48 each Paid salaries, $39,000 (75% selling, 25% administrative). Paid utilities, $3,000 (70% selling, 30% administrative). Dec. 31 Dec. 31 X Data Table Item Quantity Unit Cost Total Cost 2,800 $ 9 $ 25,200 Desk Lamp Table Lamp 2,000 $ 20 40,000 72,000 Floor Lamp 2,400 $ 30 $ 137,200 Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started