Part 1Part 2Complete the journal entries for both the buyer and seller for each transaction listedFind the COGS and ending inventory for the following purchases in FIFO, LIFO and Average CostEnding inventory was 500 units1. Seller sells Buyer $2800 in goods on account. The cost of these goods to the seller was $2000.UnitsCostBUYERSELLER1-Jan Beginning Inventory150101500AccountDebitCredtAccountDebitCredt5-Mar Purchase25022502-Jun Purchase1001111008-Jul Purchase2001020006-Sep Purchase1001212005-Nov Purchase3501035002. Buyer pays shipping costs of $150 in cash for this purchase.115011550BUYERSELLERAccountDebitCredtAccountDebitCredt3. Buyer returns $500 in goods. The cost of these goods to the seller was $357.BUYERSELLERAccountDebitCredtAccountDebitCredt4. Buyer pays balance due within the 10 day 2% discount period.BUYERSELLERAccountDebitCredtAccountDebitCredt

Name: Part 1Part 2Complete the journal entries for both the buyer and selle
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Description: Part 1Part 2Complete the journal entries for both the buyer and seller for each transaction listedFind the COGS and ending inventory for the following purchases in FIFO, LIFO and Average CostEnding inventory was 500 units1. Seller sells Buyer $2800

Following would be the Journal entries: 1. Buyer Being goods purchased on account…

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Accounting

Find the COGS and ending inventory for the following purchases in FIFO, LIFO and Average Cost Ending inventory was 500 units Complete the journal entries for both the buyer and seller for each transaction listed 1. Seller sells Buyer $2800 in goods on account. The cost of these goods to the seller was $2000.

Find the COGS and ending inventory for the following purchases in FIFO, LIFO and Average Cost Ending inventory was 500 units Complete the journal entries for both the buyer and seller for each transaction listed 1. Seller sells Buyer $2800 in goods on account. The cost of these goods to the seller was $2000.

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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