# Question 2 3 Acct 101

Beginning inventory, purchases, and sales data for personal organizers are as follows:

Jan    1 Beginning Inventory                                        45 units @ \$24

3           Sold                                                          35 units

8           Purchased                                              70 units @ \$32

21           Sold                                                          65 units

30           Purchased                                              25 units @ \$47

Instructions: 1 – Using the above transactions prepare the perpetual inventory record using each of the costing methods listed below. 2 – In the space provided below identify the ending inventory balance and cost of goods sold for June under each method.

a)    FIFO

b)    LIFO

c)    Weighted Average (Round unit cost to the nearest cent and total

costs to the nearest dollar)

FIFO

FIFO

Purchases

Cost of Goods Sold

Inventory On Hand

Date

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Jan 1

45

24

1080

Jan 3

Ending Inventory:

Cost of Goods Sold:

LIFO

LIFO

Purchases

Cost of Goods Sold

Inventory On Hand

Date

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Ending Inventory:

Cost of Goods Sold:

Weighted Average

Weighted Average

Purchases

Cost of Goods Sold

Inventory On Hand

Date

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Quantity

Unit Cost

Total Cost

Ending Inventory:

Cost of Goods Sold:

Problem 3 (14 points)

Lawlor Lawn Service had the following transactions in June.  Prepare journal entries for these transactions assuming Lawlor Lawn Service uses a perpetual inventory system.

Jun   2            Completed lawn service and received cash of \$800

5            Purchased 110 plants on account for inventory, \$304, plus freight in

of \$15

15          Sold 60 plants on account, \$600

17          Consulted with a client on landscaping design for a fee of \$250 on

account

20          Purchased 120 plants on account for inventory, \$384

21          Paid on account, \$400

25          Sold 110 plants for cash, \$990

Extra Credit for June 30th transaction

30          Recorded the following adjusting entries

Depreciation, \$30

Physical count of plant inventory, 30 plants

GENERAL JOURNAL

DATE

DESCRIPTION

REF

DEBIT

CREDIT