Travel Warehouse Ltd. distributes suitcases to retail stores. At the end of June, Travel Warehouse's inventory consisted of 60 suitcases purchased at $50 each. Travel Warehouse uses a perpetual inventory system. During the month of July, the following merchandising transactions occurred: July 2. July 3. July 6. July 7. July 9. July 11. July 13. July 16. July 17. July 20. July 27. Purchased 75 suitcases on account for $60 each from Trunk Manufacturers Ltd., terms 2/10, n/30. Received a $240 credit from Trunk Manufacturers after returning four suitcases because they were damaged. Sold 55 suitcases on account to Satchel World Inc. for $90 each, with an average cost of $50, terms 2/15, n/45. Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. Sold three suitcases this time the right model number on account to Satchel World Inc. for $100 each, with an average cost of $60, terms 2/15, n/45. Paid Trunk Manufacturers the balance owing. Sold 25 suitcases on account to The Going Concern Limited for $100 each, with an average cost of $60, terms 2/15, n/45. Purchased 70 suitcases on account for $4,340 from Holiday Manufacturers, terms n/45. Issued a $500 credit for five suitcases returned by The Going Concern because they were damaged. These suitcases were not restored to inventory. Received payment in full from Satchel World for all transactions. Received payment in full from The Going Concern. Instructions (a) Record the July transactions. (Record transactions to the nearest dollar.) (b) Set up a T account for the Inventory account. Enter the opening balance, post the transactions related to inventory prepared in part (a), and determine the ending balance in the account. (c) Determine the number of suitcases Travel Warehouse has on hand on July 31. What is the average cost of these suitcases on July 31? (Hint: Divide the ending balance in the Inventory account calculated in part (b) and divide it by the number of suitcases on hand at July 31. Round your answer to the nearest dollar.)

John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 1b Record the payment of freight charges for $55o. 2. Record the return of merchandise purchased on account costing $850. 3a. Record the sale of merchandise for…

Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases   Sales April  1 (balance on hand) 100 @ $5.00   April  5 300 4   400 @  5.10   12 200 11   300 @  5.30   27 800 18   200 @  5.35   28 150 26   600 @  5.60       30   200 @  5.80       Instructions a.    Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. 1.    First-in, first-out (FIFO). 2.    Last-in, first-out (LIFO). 3.    Average-cost. b.    If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.)

Mead Company uses a perpetual inventory system and engaged in the following transactions durig the month of May: Record the preceding transactions in a general journal.

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Sandhill Wholesalers uses a perpetual inventory system.March. 1. Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point.2. The correct company pays $150 for the shipping charges.3. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account.21.Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination.22.The correct company pays $195 for freight charges.23.Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account.30.Stellar paid Sandhill the amount owing for the merchandise purchased on March 1.31.Stellar paid Sandhill the amount owing for the merchandise purchased on March 21. Additional information: March.1. Sandhill's cost of the merchandise sold to Stellar was $4,100.3.…

Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080. 20 Purchased books on account for $1,800 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24…

Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)