*P6.8 (LO 4), AP Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bieber for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 160 100 180 75 50 100 130 Unit Cost or Selling Price $20 22 40 24 45 25 48 Instructions a. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. 1. LIFO. 2. FIFO. 3. Moving-average. (Round cost per unit to three decimal places.) a. Gross profit: LIFO $7,490 FIFO $7,865 Average $7,763 b. Compare results for the three cost flow assumptions. Determine ending inventory under a perpetual inventory system.

Am. 104.

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Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8

7 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $19,600 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Multiple Choice Account Title Debit Credit Merchandise Inventory 19,600 Accounts Payable 19,600 Account Title Debit Credit Purchases 19,600

. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a.   fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3     fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b.   fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9     fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c.   fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15     fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…

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T Select all that apply X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Debit Sales $7,000. Debit Cash $7,000. Credit Sales $7,000. Credit Cost of Goods Sold $500. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Cash $7,000. Credit Merchandise Inventory $500.

Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.