Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,210 units of relaxed-fit jeans with a cost of $26 per unit and a market value of $30 per unit.   Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16, Shepherd purchased 30 bicycles at $55 each. On May 31, Shepherd sold 21 bicycles for $110 each. Requirements 1. 2. Date May 1 May 16 Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot.…

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Use the following information to answer Short Exercises S6-3 through S6-6.Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—Weighted-average Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the weighted-average inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.