Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,800, terms 2/1e, n/30. May 3 Pays cash for freight costs of $250 on books purchased from Readers. May 5 Returns books with a cost of $200 to Readers because part of the order is incorrect. May 1e Pays the full amount due to Reader's May 3e Sells all books purchased on May 2 (less those returned on May 5) for $4,5ee on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual Inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction lat 1 Record purchase of books on account from Readers Wholesale for $3,800, terms 2/10, n/30. 2 Record payment of cash for freight costs of $250 on books purchased from Readers. 3 Record return of books with a cost of $200 to Readers because part of the order is incorrect. Credit 4 Record payment of the full amount due to Readers. 5 Record the sale of inventory on account. Record cost of inventory sold. Note : = journal entry has been entered Record entry Clear entry Vlew general Journal Required information (The following information applies to the questions displayed below.) Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,8ee, terms 2/10, n/30. May 3 Pays cash for freight costs of $250 on books purchased from Readers. May 5 Returns books with a cost of $200 to Readers because part of the order is incorrect. May 1e Pays the full amount due to Reader's May 3e Sells all books purchased on May 2 (less those returned on May 5) for $4,5ee on account. 2 Assume that payment to Readers is made on May 24 Instead of May 10. Record this payment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lat Journal entry worksheet Record the cash paid on account. Note: Enter debits before credits Date General Journal Debit Credit May 24 Sundance Systems has the following transactions during July July 5 Purchases 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/3e. July B Returns to Red River four televisions that had defective sound. July 13 Pays the full amount due to Red River. July 28 Sells remaining 38 televisions from July 5 for $3,109 each on account. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual Inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction lat 1 Record purchase of 42 LCD televisions on account from Red River Supplies for $2,600 each, terms 2/10, n/30. plies for 2 Record return to Red River four televisions that had defective sound. 3 Record payment of the full amount due to Red River. 4 Record the sale of inventory on account. Credit 5 Record the cost of inventory sold. Note : = journal entry has been entered Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below) Home Furnishings reports Inventory using the lower of cost and net realizable value (NRV). Below Is Information related to Its year-end Inventory. Inventory Furniture Electronics Q uantity Unit Cost Unit NRV 1285 775 92 4 2 Required: 1. Calculate the total recorded cost of ending Inventory before any adjustments. Cost of ending inventory (before adjustment) Required Information (The following information applies to the questions displayed below.] Home Furnishings reports Inventory using the lower of cost and net realizable value (NRV). Below Is Information related to Its year-end Inventory. Inventory Furniture Electronics Q uantity 120 42 Unit Cost $ 77 320 Unit NRV $ 92 26e 2. Calculate ending Inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRW per unit Ending Inventory Furniture Electronics Required Information (The following information applies to the questions displayed below.] Home Furnishings reports Inventory using the lower of cost and net realizable value (NRV). Below Is Information related to Its year-end Inventory. Inventory Furniture Electronics Q uantity 120 42 Unit Cost $ 77 320 Unit NRV $ 92 26e 2. Calculate ending Inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRW per unit Ending Inventory Furniture Electronics Required information (The following information applies to the questions displayed below.] Home Furnishings reports Inventory using the lower of cost and net realizable value (NRV). Below Is Information related to its year-end Inventory. Inventory Furniture Electronics Q uantity 129 42 Unit Cost $ 775 320 Unit NRV 92 3. Record any necessary adjustment to Inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required In the first account field.) View transaction lat Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits Transaction General Journal Debit Credit Required information (The following information applies to the questions displayed below.) A company like Golf USA that sells golf-related Inventory typically will have Inventory Items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) Introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's Inventory. Q uantity Unit Cost Inventory Shirts MegaDriver MegaDriver II 36 Unit NRV 5 71 255 370 355 31 432 Required: 1. Calculate the total recorded cost of ending Inventory before any adjustments. Cost of ending inventory before adjustment) Required information The following information applies to the questions displayed below) A company like Golf USA that sells golf-related Inventory typically will have Inventory Items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) Introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's Inventory. Q uantity Inventory Shirts MegaDriver MegaDriver II Unit Cost $ 61 37e Unit NRV $ 71 255 31 355 2. Calculate ending Inventory using the lower of cost and net realizable value Inventory Q uantity Lower of Cost and NRV Ending Inventory Shirts Mega Driver MegaDriver III Required information [The following information applies to the questions displayed below] A company like Golf USA that sells golf-related Inventory typically will have Inventory Items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) Introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's Inventory. Q uantity Unit NRV $71 Inventory Shirts MegaDriver MegaDriver II Unit Cost 5 61 370 355 16 31 255 3. Record any necessary adjustment to Inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction lat Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits Transaction General Journal Debit Credit