P6-28A (AVG)

Background: Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. Fit Gym uses the perpetual inventory system, accounts for its merchandise using the weighted-average inventory costing method, and estimates returns at the end of each month. Fit Gym's January transactions related to merchandise inventory are included in the Transactions section below.

Assignment: 1) Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction.

2) Click the Reports tab and review the results of recording these transactions on the General Ledger.

3) Click Submit Work when complete.

Transactions: 01/05/2018 Purchased 156 crates of vitamins for $64 each on account. Terms n/30, FOB destination.

01/13/2018 Sold 180 crates of vitamins on account for $100 each. Terms 1/10, n/30. FOB destination. (Determine Cost of Goods Sold and record two separate entries) 01/14/2018 Paid for the vitamins purchased on January 5.

01/15/2018 Paid a $40 freight bill related to the January 13 sale.

01/18/2018 Purchased 114 crates of vitamins on account, $75 each. Terms n/eom, FOB destination. 01/20/2018 Received payment for the sale of vitamins on January 13, less the discount.

1/26/2018 Sold 150 crates of vitamins for $116 each, on account. Terms 1/10, n/30. FOB shipping point. (Determine Cost of Goods Sold and record two separate entries)

01/31/2018 Paid for the vitamins purchased on January 18.

01/31/2018 Fit Gym estimates that customers will return a total of $200 of vitamins with a cost of $75 related to January sales. (Record two separate entries)

Need help finding the weighted average inventory. I need it to be in journal entry form. Not the one where you input the information in the boxes.