uestion 21 of 24 New Policies urrent Attempt in Progress This information relates to Wildhorse Co. 1. 2. 3. On April 5 purchased merchandise from Newport Company for $25,000, terms 2/10,n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Newport. On April 7 purchased equipment on account for $28,000. On April 8 returned some of April 5 merchandise to Newport Company which cost $2,100. On April 15 paid the amount due to Newport Company in full. 4. 5. Prepare the journal entries to record the transactions listed above on the books of Wildhorse Co. Wildhorse Co.uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Question 21 of 24 - / 15 I!! e Textbook and Media List of Accounts Assume that Wildhorse Co. pald the balance due to Newport Company on May 4 instead of April 15, Prepare the journal entry to record this payment. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Credit May 4 Debit e Textbook and Media List of Accounts View Policies Current Attempt in Progress Susan Company uses the periodic inventory system to account for inventories. Information related to Susan Company's inventory October 31 is given below: October 1 8 Beginning inventory Purchase Purchase Purchase Total units and cost 16 24 410 units X 800 units X 590 units x 195 units X 1.995 units $9.90 = $10.50 $10.70 $12.00 $4,059 8,400 6,313 2.340 $21.112 Value the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. (Round answer too decimal places, es 2,520.) Ending Inventory $ e Textbook and Media Value the ending inventory using the weighted average cost method if 500 units remain on hand at October 31. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answer to decimal places, eg. 2,520.) Ending Inventory $ e Textbook and Media Value the ending inventory using the LIFO cost assumption if 500 units remain on hand at October 31. (Round answer too decimal places, es. 2,520) Ending inventory $ e Textbook and Media Attempts:0 of 3 used Submit Antwer