CPI sells computer peripherals. At December 31, year 1, CPI's inventory amounted to $700,000. During the first week in January, year 2, the company made only one purchase and one sale. These transactions were as follows. Jan.2 Purchaned 20 modema and 80 printers from Sharp. The total cost of these machines wan $45,000, terma 3/10, n/60. Jan.6 sold 30 different types of products on account to Pace Corporation. The total sales pride was $30,000, terms 5/10, n/90. The total cost of these 30 unita to CPI was $14,700 (net of the purchase discount). CPI has a full-time accountant and a computer-based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable. Required: b. Prepare journal entries to record these transactions, assuming that CPI uses a perpetual inventory system. c. Compute the balance in the Inventory account at the close of business on January 6. d. Prepare journal entries to record the two transactions, assuming that CPI uses a periodic inventory system.

Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: \table [[Date, Purchases,Sales], [March 8,,600 units], [15,400 units @ $22 each, ], [22,400 units @ $24 each,], [27,,400 units]] Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is: i need a detailed answer with steps please

[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $7 cash per unit (for a total cost of $21,000). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $450 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is…

Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?