Price Company is a merchandiser that started its operations on January 1, 2020. Price buys and sells one type of widget from a single supplier and uses weighted average method under a perpetual inventory system to record transactions.

Required:

Record the following transactions incurred in January 2020 for Price (round all the amounts to the nearest dollar):

January 5: Price buys 420 widgets at a price of $15 per unit from Phillips with terms 3/10, n/30.

January 7: Price returns 8% of the goods purchased on January 5th to Phillips

January 9: Price sells 220 widgets to Kimbrall for $24 per unit with terms 2/15, n/45

January 9: Kimbrall immediately returned 15 units because they were the wrong colour and the account of Kimbrall was credited for an appropriate amount. These units went back into inventory.

January 10: Price buys 65 widgets at a price of $18 per unit from Phillips with terms 3/10, n/30

January 14: Price pays Phillips for all purchases to date

January 18: Price collects outstanding amount from Kimbrall