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5. A company reported the current month purchase and sales data for its only product...

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Accounting

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5. A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system and allocates costs using the FIFO method. All purchases and sales are made on credit" with the company's vendors and customers. Units Sold at Sales Price Units Acquired at Cost 175 units @ $ 15.00 150 units @ $ 16.00 160 units @ $ 30.00 Date April 1 April 4 April 7 April 10 April 16 April 25 April 28 Activities Beginning Inventory Purchase Sale Purchase Sale Purchase Sale 200 units @ $ 17.00 250 units @ $ 30.00 160 units @ $ 18.00 150 units @ $ 32.00 Using the attached T-account template (or prepare an equation" presentation): a) document the beginning inventory balance, labeling it BAL" and b) prepare the entries to recognize the purchases and sales of inventory c) document the ending balance in the T-accounts (or in the proper column, if using the equation presentation) in the following accounts: Accounts Receivable Inventory Accounts Payable Sales Cost of Goods Sold (COGS) No. 15 ASSETS LIABILITIES EQUITY Non-Current Assets Intangible Assets/Other Non-Current Liabilities Current Assets Property, Plant & Equipment Contributed Capital Investments Current Liabilities Earned Capital

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