Homework: Week 4-Chapter 06 exercises Score: 0.27 of 1 pt 1 of 10 (2 complete) H
ID: 2399922 • Letter: H
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Homework: Week 4-Chapter 06 exercises Score: 0.27 of 1 pt 1 of 10 (2 complete) HW Score: 12.67%, 127 of 1 s63 (similar to) Herouda Coycles started,January with 25 bloycles that cost 505 each On lanuary 16, Hercula bought 50 bicydes at 580 each On Jlanuary 31. Hercola sold 2 bioye 1. Pareercula oyde's perpeiual mventon erd assuninthe specilic dentlicatio niventory costing mehod Assume hua Question Help for $100 each. 20 bicycles that cost $65 each and 8 bicydles that cost $80 each 2. Journalze the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula Coycle's perpetual inventory record assuming the company uses the specific identication Inventory costing method Assume that Hercula sold 20 bicydles that cost $65 each and 8 bicycles that cost $80 each. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Enter the oldest inventory layers first Abbreviation used aTY Quantity Tot Total) Hercula Cycles Cost of Goods Sold Inventory on Hand QTY?Unit Cost|Tot. Cost | |Unit Cost |Tot. Cost | |Unit Cost |Tot Cost 25 $65 $ 1,625 25 $6 1,625 50 S80 $ 4,000 65 80 QTY QTY Jan. 1 Jan. 16 50 $ 80$ 4,000 20 65 1300 640 Jan 31 195 53 42 nter any number in the edit fiolds and then dick Check Answer parts remair Clear All Check AnswerExplanation / Answer
Purchases
Cost of Goods Sold
Inventory on Hand
Date
QTY
Unit cost
Tot. cost
QTY
Unit cost
Tot. cost
QTY
Unit cost
Tot. cost
Jan 1
-
-
-
-
-
-
25
65
1625
Jan 16
50
80
4000
-
-
-
25
50
65
80
1625
4000
Jan 31
-
-
-
20
8
65
80
1300
640
5
42
65
80
325
3360
(2) Journal Entries:-
Date
Accounts & Explanation
Debit
Credit
Jan 16
Merchandise Inventory
4000
Accounts Payable
4000
(Purchased Inventory on account)
Jan 31
Accounts Receivable (28 * 100)
2800
Sales Revenue
2800
(Sales on account)
Jan 31
Cost of Goods Sold (1300 + 640)
1940
Merchandise Inventory
1940
(Recorded the Cost of Goods Sold)
Purchases
Cost of Goods Sold
Inventory on Hand
Date
QTY
Unit cost
Tot. cost
QTY
Unit cost
Tot. cost
QTY
Unit cost
Tot. cost
Jan 1
-
-
-
-
-
-
25
65
1625
Jan 16
50
80
4000
-
-
-
25
50
65
80
1625
4000
Jan 31
-
-
-
20
8
65
80
1300
640
5
42
65
80
325
3360
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