ACCOUNTING-Joan Ziemba owns a small variety store

ACCOUNTING-Joan Ziemba owns a small variety store

ACCOUNTING-Joan Ziemba owns a small variety store

1. Journal Entries—Perpetual InventoryJoan Ziemba owns a small variety store. The following transactions took place during March of the current year.Mar. 3Purchased merchandise on account from City Galleria, $2,910.7Paid freight charge on merchandise purchased $215.13Sold merchandise on account to Amber Specialties, $3,560. The cost of the merchandise was $2,340.18Received a credit memo from City Galleria for merchandise returned, $690.22Issued a credit memo to Amber Specialties for merchandise returned, $580. The cost of the merchandise was $340.Journalize the transactions in a general journal using the perpetual inventory method. If an amount box does not require an entry, leave it blank.2.Lower-of-Cost-or-MarketStalberg Company’s beginning inventory and purchases during the fiscal year ended December 31, 20–, were as follows:UnitsUnit PriceTotal CostJan. 1Beginning inventory10$21 $210 Mar. 51st purchase1022 220 Sept. 92nd purchase1025 250 Dec. 83rd purchase1030 300 40980 There are 10 units of inventory on hand on December 31.For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent.1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:a. FIFO$b. Weighted-average$2. Assume that the market price per unit (cost to replace) of Stalberg’s inventory on December 31, 20–, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:a. FIFO lower-of-cost-or-market$b. Weighted-average lower-of-cost-or-market$

 

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