The company uses the periodic inventory system.  A physical count of inventory on December 31 resulted in an inventory amount of $50,000. Instructions: 3. Prepare a Statement of Financial Position as at December 31, 2019. ​ a. Report Form b. Account Form

Recording Inventory Purchases and Sales on Account Record the entries for the following transactions for Shoppers Inc.  Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $56,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $288 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $22,400 of inventory during the first week of January 2020, to customers for $40,000, with a sales tax rate of 5%. Of the total sales for the week, 30% are cash sales, and 70% are credit sales (n/30). c. On January 14, 2020, Shoppers Inc. pays the balance for purchases on account. d. Assume instead that Shoppers Inc. sells $24,000 of inventory during the first week of January 2020 to customers for $44,800, which includes a 5% sales tax. Of the total sales for the week, 30% are cash sales, and…

The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122      There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at July 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending $ Cost of Goods Sold Net Sales Revenue Date 16,500 71,000 122,000 Jul. 31 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Credit Rapid has determined that the current replacement cost (current market value) of the July 31, 2025, ending merchandise inventory is $13,500. Read the requirements. Debit 4