The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016:...The...

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Accounting

The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016:

  Cash $19,100
  Beginninginventory 14,260   (155units @ $92)
  Commonstock 15,000
  Retainedearnings 18,360

The following five transactions occurred in 2016:
1. First purchase (cash) 120 units@ $94
2. Second purchase (cash) 205 units@ $102
3. Sales (all cash) 425 units @$186
4. Paid $15,100 cash for salariesexpenses.
5. Paid cash for income tax at therate of 40 percent of income before taxes.
Record the five transactions ingeneral journal form and post to T-accounts assuming (1) FIFO costflow, (2) LIFO cost flow, and (3) weighted-average cost flow.Assume perpetual inventory system is used. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Round intermediate calculations to 3decimal places. Round your final answers to the nearest wholedollar amount.)

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4.0 Ratings (806 Votes)

No of Units Per unit Cost of Goods Sold Ending Inventory FIFO 425 40840 5610 1559212094150102 LIFO 425 41390 5060 2051021209410092 Weighted Average 425 4112760 532240 1426012094205102155120205 14260 11280 20910 46450 9677083 Journal Entry FIFO 1 Merchandise Inventory 11280 To Cash 11280 2 Merchandise Inventory 20910 To Cash 20910 3 Cash 79050 To Sales 79050 Cost of Goods Sold 40840 To Merchandise Inventory 40840 4 Salaries Expense See Answer

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In: AccountingThe accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016:...The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016: Cash$19,100 Beginninginventory14,260 (155units @ $92) Commonstock15,000 Retainedearnings18,360 The following five transactions occurred in 2016:1.First purchase (cash) 120 units@ $942.Second purchase (cash) 205 units@ $1023.Sales (all cash) 425 units @$1864.Paid $15,100 cash for salariesexpenses.5.Paid cash for income tax at therate of 40 percent of income before taxes.Record the five transactions ingeneral journal form and post to T-accounts assuming (1) FIFO costflow, (2) LIFO cost flow, and (3) weighted-average cost flow.Assume perpetual inventory system is used. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Round intermediate calculations to 3decimal places. Round your final answers to the nearest wholedollar amount.)


Cash	$19,100
Beginninginventory	14,260	(155units @ $92)
Commonstock	15,000
Retainedearnings	18,360

The following five transactions occurred in 2016:

1.	First purchase (cash) 120 units@ $94
2.	Second purchase (cash) 205 units@ $102
3.	Sales (all cash) 425 units @$186
4.	Paid $15,100 cash for salariesexpenses.
5.	Paid cash for income tax at therate of 40 percent of income before taxes.