ry Friends Pet Supplies Adjusted Trial Balance December 31, 2021 Credit Credit ADDITIONAL INFORMATION: 11 of the mortgage payable, $24,000 isto be paid April 30, 2022. 21 A physical Inventory count determined that merchandise inventary on December 31, 2021 was $ $ $ 20,230 PERPETLIAI Debit 8,000 56,880 20,230 . 100,000 250,000 PERIODIC Debit ........ 8,000 56,880 10,800 100,000 250,000 1 87,500 87,500 IMPORTANT DIFFERENCES BETWEEN THE PERPETUAL AND PERIODIC INVENTORY SYSTEMS 56,000 66,000 1) Merchandise Inventary shown on the adjusted trial balance for PERIODIC inventory is the BEGINNING balance in inventory since this account hasn't been used all fiscal period 37,710 23,170 4,390 2,910 450 230,000 138,430 37,710 23.170 4,390 2,910 450 230,000 138,430 2) Purchases, purchase discounts, purchase returns and allowances, and freight-in are all accounts used only with the PERIODIC Inventary system 3) Cost of Goods Sold has only been used during the fiscal period under the PERPETLJAL inventoy system. It is NOT used under the PERIODIC inventory system throughout the counting period 50,070 50,070 789,310 789,310 Cash Accounts receivable Merchandise inventory Land Building Accumulated depreciation-building Equipment Accumulated depreciation ulpment Accounts payable Urarne revenue Salaries payable Interest payable Martgage payable J. George, capital George, drawings Sales Sales discounts Sales returns and allowances Purchases Purchase discounts Purchase returns and allowances Freight in Cost of Goods Sold Salaries pense Depreciation expense utilities expense Insurance expense Freight out Property tax expense Interest revenue Interest expense Total 2.990 4) Cost of Goods Sold must be calculated at end of the fiscal period with the PERIODIC invertory system. ) 19,730 7,890 19,730 468,300 11,530 18,510 5,290 434,120 231,293 32,050 12,070 9,600 4,310 4,020 231,290 32,050 17,020 9,600 4,310 4,020 1,070 1,070 9,030 1,315,240 $ 1,345,280 $ 1,345,280 9,030 1,315,240S $ Assuming the following purchase and sale transactions, and using the four tracking schedules below, calculate the cost of the ending inventory and cost of poods sold using both FIFO and Weighted Average under each of the inventory systems. Date Transaction Units Sales Pias Once your tracking schedules are complete, cel-reference your answers from the tables below here! Unit Cont $60 $62 Periodic Perpetual FIFO W Avg FIFO WAVE Jan 1 Beginning inventory 10 Furchase 15 Sale 19 Purchase 25 Sale 180 700 1550) 400 poo $90 Cost of Goods Sold Ending Irwentory 564 $4 Endine ventory 630 Enterocolonial datories to mortal Enter answers in chronalas olete order learliest to most recent Perpetual - FIFO Purchases Cost Total Units Cast of Goods Sald Cost Inventory Balance Cost Periodic - FIFO Cost of Goods Available for Sale Date Explanation Jan. 1 Units Total Units Total Unins Unit Cos Total Cast Date Begin lan 10 15 Ending twentory Date Explanation Units Unit Cost Total Cost 19 25 Units Tatal Cast Cost of Goods Sud Cost of goods available for sale Less: endir inventory Cont of an ad CHECK OOGAS -Ending Inventory - OOGS CHECK OF COGS Date Explanation Units Unit Cost Total Cost De net round weighted average unit cost. Use an excel formula to calculate this amount and not a calculator Perpetual - Weihted Average Periodic - Welehted Averare Units Unit Cast Total Cont Purchase Cost Total Units Cent of Las Sald Chil Total Inventory lane Lost Total Cost of Goods Available for Sale Ending inventory Cost of Goods Date Dis Begin Jan. 10 15 19 25 CHECK Units Units GECC CEXAS - ventory - CTS Assuming the following purchase and sale transactions, and using the four tracking schedules below, calculate the cost of the ending inventory and cost of goods sold using both FIFO and Weighted Average under each of the inventary systems. Date Transaction Units Sales Price Once your tracking schedules are complete, cell-reference your answers from the tables below here: Unit Cont) $60 $62 180 700 Perpetual WAVE Periodic FIFO FIFO W Avg (550) $ $90 Jan. 1 Beginning inventory 10 Purchase 15 Sale 19 Purchase 25 Sale Ending Inventory Cost of Goods Sold Ending Inventory $64 400 (1001 $90 630 Enter answers in chronological date order learliest to most recent) Enter answers in chronological date order learliest to most recent Perpetual - FIFO Cost of Goods Sold Cost Date Periodic - FIFO Cost of Goods Available for Sale Date Explanation Jan. 1 Units Total Units Total Purchases Cost 60$ 62 Units 180$ 700 Beginn Jan 10 Inventory Balance Cost 180 180 700 Total 10,800 43,400 15 60 150 400 $ Ending Inventory Date Explanation 62 19 400 $ 25,600 25 100 62 6.200 Cost of Goods Sold Cost of goods available for sale Less: ending inventory Cost of Goods Sold CHECK: COGAS -Ending Inventory COGS CHECK O COGS Date Explanation Do not round weighted average unit cost. Use an excel formula to calculate this amount and not a calculator. Perpetual - Weighted Average Periodic - Weighted Average Purchases Cost Cost of Goods Sold Cost Inventory Balance Cost Units Total Units Total Units Total Date Beg In Jan 10 15 19 Cost of Goods Available for Sale Ending Inventary Cost of God Sold