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this is one question!!!! 076 Supplement 7A) Recording Inventory Purchases, Sales, and Shrinkage Using Perpetual PFO ( Chapter 6 and 7) LO 6-2 6-3, 64,
this is one question!!!!
076 Supplement 7A) Recording Inventory Purchases, Sales, and Shrinkage Using Perpetual PFO ( Chapter 6 and 7) LO 6-2 6-3, 64, 7.51 Chipolo sells a coin sited tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 taps purchased from its supplier in November last year at a cost of 512 pet taples 100 taps purchased in December last year at a cost of SiS per ta. Chipolo sells the tops at a price of 530 per tag, on account with terms a/30. FOR destination, Chipolo uses perpetual inventory system to account for the following transactions. Chipolo FedEx Jan 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers Jan 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as 1000 possible. Chipolo agreed to a cost of $21 perta/30 Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered eight days earlier Jan 21 The 350 taps ordered on January 1l were shipped to and received by Chipolo today, Jan 23 Chipolo gave 375 tags to FedEx, which were delivered same day to customers Jan. I Chipolo comted its inventory and determined 20 tags were on hand. Chipolo made a book toptorical adjustinent to account for the missing 5 taps Required: Anne Chipolo uses FIFO in its perpetual investory wystem. For each date, prepare the journal entry of provide an appropriate resson for not recording a journal entry Note: Use table Below to calculate Cost of goods sold. ** HINT, Two transactions require no Journal Entry Jan. 8 Jan. 9 Jan. 11 Jan. 17 Jan 21 Jan 23 Jan. 31 Cost per unit Total Cost COGS (FIFO) Date/Event Nov. purchase Dec. purchase Jan. 1 available Jan. 9 sale $3,150 Jan. 10 available Jan. 21 purchase Jan. 23 sale # of Units 200 100 300 (200) (50) 50 350 (50) (325) 25 (5) 20 } 7,575 Jan. 24 available Jan: 31 missing Jan. 31 count $21 420 08 [ Supplement 7A) Recording tonventory Purchases, Sales, and Steinkage Using Perpetua UFOI Cupters and 77 LO 6-2 6-3, 6-4, 7-51 Complete C16 bate Chipolo e LIFO is perpetual unor Note: Use table Below to calculate Cost of goods sold. ** HINT, Two transactions require no Journal Entry ** Jan 8 Jan. 9 Jan. 11 Jan. 17 Jan. 21 Jan. 23 Jan. 31 # of Units Cost per unit Total Cost COGS (LIFO) Date/Event Nov. purchase Dec. purchase Jan. 1 available Jan. 9 sale } $3,300 Jan. 10 available Jan. 21 purchase Jan. 23 sale } 7,650 Jan. 24 available Jan. 31 missing Step by Step Solution
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