1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with an inventory of 30 units that cost $300 each. During the month, the company engaged in the following business transactions: July 10 July 15 July 22 July 29 July 31 Purchased 30 units on account at $320. Sold 40 units on account at $700. Purchased 70 units on account at $350. Sold 75 units on account at $800. Reported monthly operating expenses of $30,000. The company paid one-third with cash and the rest was recorded on account. July 31 Paid $12,000 of the Accounts Payable balance. Assume PEI Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. a. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. b. Make journal entries to record the company's transactions. No explanations are necessary.

1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with an inventory of 30 units that cost $300 each. During the month, the company engaged in the following business transactions: July 10 July 15 July 22 July 29 July 31 Purchased 30 units on account at $320. Sold 40 units on account at $700. Purchased 70 units on account at $350. Sold 75 units on account at $800. Reported monthly operating expenses of $30,000. The company paid one-third with cash and the rest was recorded on account. July 31 Paid $12,000 of the Accounts Payable balance. Assume PEI Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. a. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. b. Make journal entries to record the company's transactions. No explanations are necessary.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize this transaction: Paid $320 to Ameren for the monthly bill. Edit View Insert Format Tools Table 12pt v Paragraph v В I U MacBook Pro Oine Fi En ACCT 101 Onre le Oa01 for Ais eet # $ % & 3.
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vbbroncos.schoolsplp.com/enrollments/156569804/items/CL1W7/work?prev-YU132 A ALEKS - Gracie Glov. M My Classes | McGra.. A Classes O Western Brown Loc. Jal Desmos | Graphing... Glover Next Activity > Models B: Lesson 2 - Other Forms of Compensation Target due: 1/14/21 16.66% A O 3) Choose the correct answer. -Maribel is offered a job as a paralegal at an annual base salary of $47,000. In addition, the company will pay the following benefits: a retirement contribution that is 10.5% of Maribelâ€™Ms base salary, disability insurance totaling $338, medical insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is the annual value of this job to Maribel? O $47,000 O $66,435 $58,773 $66,763 $58,435 口 O 4) Choose the correct answer. M
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