. Spanner Inc. sells $160,000 of women's sportswear to The Bay under credit terms 2/10, net 30 on August 1^st 2014. Spanner's cost of goods sold is $76,000 and Spanner receives the appropriate amount of cash from The Bay on August 10, 2014. Assume Spanner Inc. uses a perpetual inventory system.

a.) Journalize Spanner's transactions for August 1, 2014 and August 10, 2014.

Powder Co. sells an Xpert snowboard that is popular with snowboard enthusiasts. Information follows for Powder's purchases and sales of Xpert snowboards during September.

DateTransactionUnitsUnit Purchase PriceUnit Sales Price

Sept 1Beginning Inv25$295

Sept 5Purchase30$300

Sept 12Sale(32)$449

Sept 19Purchase35$305

Sept 22Sale(50)$454

Sept 25Purchase15310

Calculate the cost of goods sold and Gross Margin using FIFO, average cost and LIFO