Question

nsive Quiz Chapter 76 Required information The following information applies to the questions displayed below Stolte Trimble Corporation (STC) uses a perpetual inventory system. At the beginning of May, STC had 40 units of inventory, of which 20 units were purchased in March for $66 per unit and 20 units were purchased in April for $72 per unit. STC uses its perpetual inventory system to account for the following transactions May 2 STC shipped 35 units of inventory to customers for $156 per unit, on credit terms n/se, Fo8 shipping peint. May 4 STC purchased and received 38 units of inventory for $76 per unit, on eredit teras n/4s Hay 8 STC sbipped 3e units of inventory to customers for $156 per unit, on credit terms n/Ge, FOB shipping peint. Required: Assume STC uses FIFO in its perpetual inventory system. Prepare the journal transaction/event, select "No Journal Entry Required in the first account field.) entry for each transaction. (If no entry is required f View transaction list View journal entry worksheet May 02 Accounts Roceivable Sales Revenue 5,460 5460 2May 02Cost of Goods Sold 2,415 3May 04 Inventories Accounts Payable 2,280 4May 08Accounts Receivable 4,680 Salos Revenue 4.680 51 May 08 |Cost of Goods Sold Inventores 7 8 9 of 9 rch

Answer 1

No	Date	General Entry	Debit	Credit
1	May-02	Accounts Receivable	5460
		Sales Revenue		5460
2	May-02	Cost of Goods Sold	2400
		Inventores		2400
		( 20*66+15*72)
3	May-04	Inventories	2280
		Accounts Payable		2280
4	May-08	Accounts Receivable	4680
		Sales Revenue		4680
5	May-08	Cost of Goods Sold	2260
		Inventores		2260
		( 5*72+ 25*76)