Sunland Company sells an ultra-lightweight snowboard that is considered to be one of the best on the market. Information follows for Sunland's purchases and sales of the ultra-lightweight snowboard in October: Unit Sales Price Unit Purchase Price $303 311 Date Oct. 1 10 12 13 25 27 Transaction Beginning inventory Purchase Sale Purchase Sale Purchase Units 25 30 (42) 35 (45) 20 $476 317 486 325 Assume that all of Sunland's sales are for cash and all of its purchases are on account Record the purchase on October 10 and sale on October 12 for Sunland Company in a perpetual inventory system under (1) FIFO and (2) weighted average (Round the weighted average cost per unit to three decimal places, e. 5.275 and final answers to 2 decimal places, 0.8. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Perpetual-FIFO Oct. 10 (To record purchase on account.) Oct. 12 (To record cash sales.) Oct 12 (To record cost of goods sold.) Perpetual --Weighted Average Oct. 10 (To record purchase on account.) Oct 12 Oct. 12 (To record cash sales.) Oct. 12 (To record cost of goods sold.) List of Accounts Question Part Score --/7.5 Record the purchase on October 13 and sale on October 25 for Sunland Company in a periodic inventory system under (1) FIFO and (2) weighted average. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Debit Credit Date Account Titles and Explanation Periodic-FIFO Oct. 13 (To record purchase on account.) Oct. 25 (To record cash sales.) Periodic-Weighted Average Oct. 13 (To record purchase on account.) Oct. 25 (To record cash sales.) Cullumber Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Cullumber Company's year end, December 31 Units 94 Clothing Jewellery Greeting cards Stuffed toys 69 Net Realizable Value per Unit $5 23 2 40 Unit Cost $6 20 1 12 49 50 Determine the lower of cost and net realizable value of the ending inventory assuming Cullumber Company applies LCNRV on individual items Lower of cost and net realizable value Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter for the amounts) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.) List of Accounts
