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Part I

By December 6, 2021No Comments

Part IEach of the following five lines represents a separate set of information in a periodicinventory system and some elements of an income statement.Compute the missingamounts.SalesSalesNetBeginningPurchasesEndingCost ofGrossReturnSalesInventoryInventoryGoodsProfitSolda.215.800(1)210.00069.000(2)55.500147.00063.000b.109.2003.000(3)31,200(4)30.60079.20027.000C.126.7006.700120.00018.00068.000(5)66.000(6)d.(7)77.000480.000152.000208.00070.400(⑧)190.400e.459.00054.000405.000(9)225.00067.500(10)117.000Part IIFunny Company uses perpetual inventory method.Prepare the journal entries for thefollowing transactions:Dec 1Purchased goods from Sisi Company for S18,000 on account.3Returned S800 of the goods to Sisi Company.17Sold goods to Handy Company for $21,500 with gross profit rate of20%.The payment will be made within 30 days.31Funny conducted physical count of inventory and revealed S750,000inventory was on hand while the inventory account balance was$772,000.

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