Question

Need help, not sure if they are right.

Chapter 8 Homework Question 5 Brgat Purchase solol- End ventory 11 es 11 20 Purchase 27 Sale 136 t each 163 r e ach 104 units allah 1 224 4 144 3, 7 113 x7nal ending azes 465 25e s = 125 nic 6-666 Sess24 60 07-350 B1930 COGS Wildhores the co ntin Arche Assume Wildhorseses a periodic system Prepare all necessari physical count indicates that the ending inventory for any al entries, including the end of month losing entry to record cost of go o ne e forthe w od orth Date Credit 749 744 990 990 1,224 1,224 1,141 Account Titles and Explanation Jany Accounts Receivable Sales Revenue Jandl Purchase Accounts Payable In A3 Accounts Receivable Sales Revenue Jan 20 purchase Accounts Payable JI.A27 Accounts Receivable Sales Revence Tangl cost of Goods solds Inventing Purchase 1,19 1,104 1144 1930 791 113x7 2,137

Answer 1

FIFO Periodic Inventory System
Date	Accounts title	Debit	Credit
Jan 4	Accounts receivable	$                744
	Sales revenue		$                744
	To record sales revenue on account. (93*8)
Jan 11	Purchase	$                990
	Accounts payable		$                990
	To record inventory purchased on account. (165*6)
Jan 13	Accounts receivable	$             1,224
	Sales revenue		$             1,224
	To record sales revenue on account. (136*9)
Jan 20	Purchase	$             1,141
	Accounts payable		$             1,141
	To record inventory purchased on account. (163*7)
Jan 27	Accounts receivable	$             1,144
	Sales revenue		$             1,144
	To record sales revenue on account. (104*11)
Jan 31	Inventory (ending) (113*7)	$                791
	Cost of goods sold (Balancing figure) (2131+590-791)	$             1,930
	Purchases (990+1141)		$             2,131
	Inventory (beginning) (118*5)		$                590
	To close the purchase account. Ending inventory is 113 which consists of 113 units @$7 from units purchased on Jan 20

Sales revenue (744+1224+1144)	$        3,112
Less: cost puff goods sold	$        1,930
Gross profit	$        1,182

First In First Out (FIFO) Method						Perpetual Inventory System
Date	Purchase			Cost of goods sold			Inventory on Hand
	Qty	Price	Value	Qty	Price	Value	Qty	Price	Value
Jan 1							118	5	590
Jan 4				93	5	465	25	5	125
Jan 11	165	6	990				25	5	125
							165	6	990
Jan 13				25	5	125	54	6	324
				111	6	666
Jan 20	163	7	1141				54	6	324
							163	7	1141
Jan 27				54	6	324	113	7	791
				50	7	350
Total Cost of goods sold						$        1,930	Ending Inventory		$        791

FIFO Perpetual Inventory System
Date	Accounts title	Debit	Credit
Jan 4	Accounts receivable	$                744
	Sales revenue		$                744
	To record sales revenue on account. (93*8)
Jan 4	Cost of goods sold	$                465
	Inventory		$                465
	To record the cost of inventory sold
Jan 11	Inventory	$                990
	Accounts payable		$                990
	To record inventory purchased on account. (165*6)
Jan 13	Accounts receivable	$             1,224
	Sales revenue		$             1,224
	To record sales revenue on account. (136*9)
Jan 13	Cost of goods sold	$                791
	Inventory		$                791
	To record the cost of inventory sold (125+666)
Jan 20	Inventory	$             1,141
	Accounts payable		$             1,141
	To record inventory purchased on account. (163*7)
Jan 27	Accounts receivable	$             1,144
	Sales revenue		$             1,144
	To record sales revenue on account. (104*11)
Jan 27	Cost of goods sold	$                674
	Inventory		$                674
	To record the cost of inventory sold (324+350)