how we calculate cogs dr merchandise inventory cr. in this problem Do not Give Image format otherwise down vote cesThe Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for itsmerchandise. The beginning balance of Mix-Rights and transactions during October 2023 were as follows:Oct 1 Balance: 102 units costing $5 each.3 Purchased 117 units from Arnold Brothers costing $7.50 each4 Returned 37 of the units purchased on October 3.9 Sold 92 units to Kitchen Club, invoice #210.15 Purchased 217 units from Arnold Brothers costing $8.60 each.18 Sold 184 units to. Thorhild Co-op, invoice # 211.19 Paid for the October 3 purchase; cheque # 101.23 Paid for the October 15 purchase, cheque # 102.24 Sold 67 units to Boyle Grocery, invoice #212.31 Purchased 92 units from Arnol Brothers costing $8.00 each.Required:Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are oncredit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginningbalances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter thetransactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicatedby a minus sign.)Date (2023) Account DebitedOct. 9WILLIAMS COMPANYSales JournalKitchen ClubInvoiceNumber210A/R Dr.Sales Cr.1,380.00COGS Dr.MerchandiseInventory Cr.

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Weighted Average Cost : Under the Weighted Average Method, the cost is considered to be average at…

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Required: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginning balances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter the transactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicated by a minus sign)

Required: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginning balances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter the transactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicated by a minus sign)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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how we calculate cogs dr merchandise inventory cr. in this problem

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The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its
merchandise. The beginning balance of Mix-Rights and transactions during October 2023 were as follows:
Oct 1 Balance: 102 units costing $5 each.
3 Purchased 117 units from Arnold Brothers costing $7.50 each
4 Returned 37 of the units purchased on October 3.
9 Sold 92 units to Kitchen Club, invoice #210.
15 Purchased 217 units from Arnold Brothers costing $8.60 each.
18 Sold 184 units to. Thorhild Co-op, invoice # 211.
19 Paid for the October 3 purchase; cheque # 101.
23 Paid for the October 15 purchase, cheque # 102.
24 Sold 67 units to Boyle Grocery, invoice #212.
31 Purchased 92 units from Arnol Brothers costing $8.00 each.
Required:
Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on
credit; terms 2/10, n/30. Under the assumption that the company keeps its records on a weighted average basis, enter the beginning
balances and post each transaction on an inventory subledger record. Posting to other subledgers is not required. (Enter the
transactions in the order provided in the question. Round final answers to 2 decimal places. Negative answers should be indicated
by a minus sign.)
Date (2023) Account Debited
Oct. 9
WILLIAMS COMPANY
Sales Journal
Kitchen Club
Invoice
Number
210
A/R Dr.
Sales Cr.
1,380.00
COGS Dr.
Merchandise
Inventory Cr.

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