Requirement 1. Prepare perpetual inventory records for December for Streak Free Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 28th, and 31st.

(adjusting entry a).) Round per unit costs to two decimal places.

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. Complete the first half of the schedule in this step, and the remaining half in the next step

Requirement 1. Prepare perpetual inventory records for December for Streak Free Cleaning using the FIFO inventory costing method. (Note: You must calculate the cost of goods sold on the 11th, 20th, and 31st (adjusting entry a).) Round per unit costs to two decimal places. Enter the transactions in chronological crder, calculating new inventory on hand balances ater each transaction. Once all of the transactions have been entered into the perpetual record, calculale the quantity and total cost of rmerchandise inventory purchased, sol and on hand at the end of the period. Complete the first haif of the schedule in this step, and the remaining hal in the next step. (Enter the cldest inventory layers first Enter a decrease in quantities and tolal costs for Purchases and for Cost of Goods Sold wilh a minus sign or parentheses. Round all unit cost amounts to two decimal places. and all total cost amounts to the nearest whole dollar.) Cost of Goods Sold Inventory on Hand Units Date QantityCCostQuantity Cost Cost Quantity Cost Cost Dec. 2 Streak Free Cleaning Post-Closing Trial Balance November 30, 2018 Balance Account Title Debit $ 103,350 Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance 1,500 2,200 3,400 13,000 More Info Dec 2 Purchased 1,000 units of inventory for $4,000 on account trom Swifty Broom Company on terms, 5/10, ni20 5 Purchased 1,200 units of inventory from Dust Free on account with terms 4/10 Accounts Payable Uneaned Revenue Interest Payable Notes Payable Hafner, Capital Total 17.250 n/30. The tctail invoice was for S6,000, which included a $300 freight charge. 7 Returned 300 units of inventory to Swifty Broom from the December 2 purchase. 9 Pald Dust Free 11 Sold 500 units of goods to Pick Up People for $,500 on account with tems n/30. 12 Paid Switty Broom 15 Received 100 units wilh a sales price of S1,700 of goods back from customer 66,000 S 124,420 S 124,420 Pick Up People. 21 Recelved payment from Pick Up People, settling the amount due in full 28 Scld 500 units ofgoods to Brenda, Inc. on account for $9,000. Terms 315, v30 29 Paid cash tor utilities ot 5580 30 Paid cash tor Sales Commission Expense of $311 31 Received payrment from Brenda, Inc, kess discount 31 Recorded the tollowing adjusting entries: Print Done a Physical count of inventory on December 31 showed 900 units of goods on b Depreciation, $2T3 C. Accrued salaries expense of $500 d Estimated sales retums of $1,9D0, wth cost of $570 e. Prepared all other adjustments necessary for December (Hint You will need to review the adiustment inomalion from November to determine the remaining adjustments). Assume the cleaning supplies let at December 31 are S70 Print Done Dec. 2 Purchased 1,000 units of inventory for $4,000 on account from Swifty Broom Streak Free Cleaning Post-Closing Trial Balance November 30, 2018 Company on terms, 5/10, n/20 5 Purchased 1,200 units of inventory from Dust Free on account with terms 4/10 n/30. The total invoice was for $6,000, which included a $300 freight charge 7 Returned 300 units of inventory to Swifty Broom from the December 2 purchase Balance 9 Paid Dust Free 11 Sold 500 units of goods to Pick Up People for $8,500 on account with terms n/30 12 Paid Swifty Broom. 15 Received 100 units with a sales price of $1,700 of goods back from customer Debit Credit Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Hafner, Capital Total Pick Up People 21 Received payment from Pick Up People, settling the amount due in full. 28 Sold 500 units of goods to Brenda, Inc. on account for $9,000. Terms 3/15, n/30 29 Paid cash for utilities of $680 30 Paid cash for Sales Commission Expense of $311 31 Received payment from Brenda, Inc., less discount. 31 Recorded the following adjusting entries $ 103,350 1,500 70 900 2,200 3,400 13,000 Physical count of inventory on December 31 showed 900 units of goods on hand Depreciation, $273 Accrued salaries expense of $500 Estimated sales returns of $1,900, with cost of $570 Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $70 273 1,040 17,250 163 66,000 39.694 $ 124,420 $ 124,420 a. b. c. d. e