Requirements Journalize the following for Thames Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit 2. Total May sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Assume that Thames uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 31? What is the FIFO cost of Thames Company's ending inventory? Print Done Data table May 1 Beginning inventory 6 units @ $165 = $990 Purchase 5 units @ $166 = $830 May 15 May 26 Purchase 9 units @ $175 = $1,575 urna $75 de es ding Print Done Requirement 1. Journalize for Thames total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Requirement 2. Journalize for Thames total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Thames uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any Journal entries.) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Date Accounts Debit Credit www.win in the journer entry Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 317 What is the FIFO cost of Thames Company's ending inventory? The gross profit eamed on these transactions is The FIFO cost of ending inventory is Requirements Journalize the following for Thames Company under the perpetual system: 1. Total May purchases in one summary entry. All purchases were on credit 2. Total May sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Assume that Thames uses the FIFO inventory method. 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 31? What is the FIFO cost of Thames Company's ending inventory? Print Done Data table May 1 Beginning inventory 6 units @ $165 = $990 Purchase 5 units @ $166 = $830 May 15 May 26 Purchase 9 units @ $175 = $1,575 urna $75 de es ding Print Done Requirement 1. Journalize for Thames total May purchases in one summary entry, under the perpetual system. All purchases were on credit. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Requirement 2. Journalize for Thames total May sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $575 per unit and all sales were on credit. Assume that Thames uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any Journal entries.) Let's start by recording the entry for May sales. Do not yet record the cost related to the sale. We will do this in the next journal entry Journal Entry Date Accounts Debit Credit www.win in the journer entry Journal Entry Date Accounts Debit Credit Now record the entry for the cost of inventory sold assuming FIFO. Journal Entry Date Accounts Debit Credit Requirement 3. Under FIFO, how much gross profit would Thames earn on for the month ending May 317 What is the FIFO cost of Thames Company's ending inventory? The gross profit eamed on these transactions is The FIFO cost of ending inventory is