The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios General Journal tab - Prepare any necessary adjusting entries. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a classified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 170 @ $ 9.50 - $ 1,615.00 January 1 January 10 January 20 January 25 January 30 Totals Prey. 1 2 of 4 Next > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance Date January 1 170 @ $ 9.50 = $ 1,615.00 January 10 January 20 January 25 January 30 Totals $ Prey. of 4 !!! Next >