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Tikkity Tock Clock Company sells three types of clocks. They purchase these clocks from manufacturers...

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Accounting

Tikkity Tock Clock Company sells three types of clocks. They purchase these clocks from manufacturers and sell them to retail stores. Tikkity Tock uses a perpetual inventory system, weighted average method. Tikkity Tock rents their building, but owns the merchandising furniture and equipment within the building - for these depreciable assets, they use a sole accumulated depreciation account.
The balance sheet for Tikkity Tock Clock Company is seen below:
\table[[Tikkity Tock Clock Company],[Balance Sheet],[October 31st,2021],[Account,Balance],[Assets],[Cash,239,558,],[Accounts Receivable,105,682,],[Inventory,97,476,],[Office Supplies,1,232,],[Merchandising Furniture + Equipment,150,000,],[Accumulated Depreciation,,119,952],[Total Assets,,473,996],[Liabilities],[Accounts Payable,,108,979],[Total Liabilities,,108,979],[Stockholders' Equity],[Common Stock,,300,000],[Retained Earnings,,65,017],[Total Stockholders' Equity,,365,017],[Total Liabilities + Stockholders' Equt,,473,996]]
Merchandise Inventory as of October 31 st,2021 consists of the following clocks:
\table[[Item,Quantity,Unit Cost,Total Cost],[Base Level Clock,2,940,23.21,68,237.4
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