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Sierra Company completed the following transactions during May of the current year. Sierra Company uses a perpetual inventory system. May 1. 5. 7. 8. 10.
Sierra Company completed the following transactions during May of the current year. Sierra Company uses a perpetual inventory system. May 1. 5. 7. 8. 10. 14. 16. 16. 17. 19. 22. Purchased 50 units on account from American Co., $105 per unit, terms FOB destination, 2/10, n/30 Purchased 70 units from Yuba Co., $112 per unit, terms FOB destination, 2/10, n/30. Sold 60 units on account to Folsom Co., sell price $200 per unit, terms 2/10, n/30. Purchased office supplies for cash, $150. Paid American Co. for purchase of May 1. Purchased 50 units at price of $115 per unit from Woodland Supply for cash. Paid employees for 2 weeks of work total was $2500 Received payment from Folsom Co. Purchased 45 units at price of $100 per unit from Lassen Co. Terms 2/10 n EOM Sold 70 units on account to Elk Grove Co for $200 per unit terms 2/10 n/30. Sold 75 units on account to Truckee Co, for $300 per unit terms 2/10 n/30. Provided an allowance to Truckee for $200 Received Payment from Elk Grove Co Received Payment from Truckee Co Paid Lassen Co. 25. 31. 31. 31. Complete All journal Transactions using the FIFO method for COGS Complete the Merch COGS table using LIFO and Weighted Average Purchase Unit $ Sale Unit $ Date Qty Qty Qty Qty COGS Unit $ Total $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Ending Inv Unit $ Total $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ GENERAL JOURNAL Page 1 GENERAL DEBIT CREDIT DATE ACCOUNT TITLE 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Trial Balance Account Debit Credit
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