Question #1

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred as attachment below :

Question #1 Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,040 (including freight) from Gatlin Publishers, terms 2/10, n/30 W Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. 6 Received $40 credit for books returned to Catlin Publishers 9 Paid Catlin Publishers in full 15 Received payment in full from Garfunkel Bookstore 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $720. 20 Received payment in full from Bell Tower Required: Journalize the transactions for the month of June for Powell WarehouseQuestion #2 Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb 20 600 units at $9 May 9 500 units at $10 Aug 12 400 units at $11 Dec 8 100 units at $12 Vista Company uses a periodic inventory system. Sales totaled 1,500 units. Required 1. Determine the cost of goods available for sale. 2. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost)