Using the transaction listprovided, compose a perpetual inventory record for Cycle On Inc., for the month of December. CycleOn, Inc., uses the FIFO inventory costing method.
Below is a template of the table.
Cycle 0n. lnc.. wholesales a line of custom road bikes. Cycle On's inventory as of November 30. 2018. consisted of 1B mountain bikes costing $1.400 each. Cycle On's trial balance as of November 30 appears as tollows: a (Click the icon to View the November 30 trial balance.) Requirement 1. Using the transaction list provided, prepare a perpetual inventory record tor Cycle 0n. lnc.. for the month of December. Cycle On. lnc.. uses the FIFO inventory costing method. (Cycle 0n records inventory in the perpetual inventory record net of any discounts. as it is company policy to take advantage of all purchase discounts.) During the month of December 2018, Cycle 0n, Inc.. had the following transactions: 0 (Click the icon to view the December transactions) Read the m iimmgn, Start by entering the beginning inventory balances. Enter the transactions in chronological order. calculating new inventory on hand balances alter each transaction. Once all of the transactions have been entered imo the perpetual record. calculate the quantity and total cost of inventory purchased. sold. and on hand at the and oithe period. (Round all currency amounts to the nearest cent. XXX. Enter the oldest inventory layers rst.) Perpetual Inventory Record: FIFO Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost cast Cost Dec 1 cycle on. Inc. Trial Balance November 30. 2010 Account Debit Credit Cash 5 0,050 Accounts receivable 12,900 inventory 25,200 Supplies 1.300 Otce equipment 10.200 Accumulated depreciation, attics equipment 3 3,400 Accounts payable 1,750 Nola payable. longterm 7.500 Common stock 14.000 Retained earnings 1,230 Dividends 4,100 Sales revenue 141,000 Cost of goods sold 70.000 Sales commissions expense 11.300 Ofce salaries expense 7,500 Enter any numb 0009 rent expense 5.830 Shipping expanse _ 37 Eeanining To\". 5 160.000 5 160.000 Clear All 0 Requirements Using the transaction list provided, prepare a perpetual inventory record for Cycle On. Inc, for the month of December. Cycle 0n. lnc.. uses the FIFO inventory costing method. (Cycle 0n records inventory in the perpetual inventory record net of any discounts, as it is company policy to take advantage of all purchase discounts.) Four-column general ledger accounts. along with their balances from the November 30 trial balance as ap ' ble. have been opened for you. Record each transaction in the general journal uti ing the "net" method for purchases and sales. Explanations are not required. Post the journal entries to the general ledger. Omit posting references, Calculate the new account balances. Prepare an unadjusted trial balance as of December 31, 2010. Joumalize and post the adjusting journal entries based on the tollowing information: Depreciation expense on ofce equipment, $1.700 Supplies on hand. $250 Accrued salary expense for the oce receptionist. $880 Estimated refund liability. $1.750 Cost of estimated inventory returns. $875 Prepare an adjusted trial balance as of December 31. 2018. Use the adjusted trial balance to prepare Cycle On. lnc.'s multistap income statement and stamment of retained earnings for the year ending December 31. 2018. Also. prepare the balance sheet at December 31. 2018. Joumalize and post the closing entries. Prepare a postclosing trial balance at December 31. 2018. C CheckAnswer ' 4 b
