Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $43,250, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the The bill that the seller sends to the buyer.invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Jost Co. for merchandise with an invoice amount of $3,750 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March. If an amount box does not require an entry, leave it blank. Mar. 1     Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts     Mar. 5     Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts     Mar. 10     Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Haas Co. Cash Cost of Goods Sold Sales Sales Discounts     Mar. 13     Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances           Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts     Mar. 14     Accounts Payable-Jost Co. Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances           Accounts Payable-Jost Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances     Mar. 18     Accounts Payable-Fairhurst Company Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances           Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts     Mar. 18     Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances           Accounts Payable-Jost Co. Cash Inventory Sales Discounts Sales Returns and Allowances     Mar. 19     Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts     Mar. 23     Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable Cash Cost of Goods Sold Delivery Expense Sales Discounts     Mar. 29     Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Bickle Co. Cash Cost of Goods Sold Sales Sales Discounts     Mar. 31     Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts           Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances     Mar. 31     Accounts Payable-Whitman Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances           Accounts Payable-Fairhurst Company Cash Inventory Sales Sales Discounts       Feedback     Loading item   There was an error loading this item. If this continues to occur, please contact Technical Support. Check My Work1 more Check My Work uses remaining. Previous Next 100% Correct Partially Correct Incorrect Needs Instructor Grading   Basic Calculatorclose 0 UseEntBSBSpCEHomCEnd 789+ 456- 123* 0.=/

Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $14,100, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $345, which was added to the invoice. The cost of the merchandise sold was $8,900. 8. Swan Company sold merchandise on account to Bird Company, $22,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $13,200. 8. Swan Company paid freight of $780 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on…

Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Capers Companyduring October of the current year:   InstructionsJournalize the entries to record the transactions of Capers Company forOctober.

Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales. Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Units Acquired at Cost @ $6.00 = @ Req 1 140 units 60 units Req 2 to 4 180 units 380 units @ $5.00 = $ 4.50 = Complete this question by entering your answers in the tabs below. $ 840 300 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 810 $ 1,950 1. Compute gross profit for the month of January for Laker Company for the four…