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: 99 units costing $5 each. 3 Purchased 114 units from Arnold Brothers costing $7.50 each 4 Returned 34 of the units purchased on October 3. 9 Sold 89 units to Kitchen Club, invoice #210. 15 Purchased 214 units from Arnold Brothers costing $8.45 each. 18 Sold 178 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 64 units to Boyle Grocery, invoice #212. 31 Purchased 89 units from Arnold 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.) I WILLIAMS COMPANY Sales Journal Date (2023) Account Debited Oct. 9 Oct 18 Oct 24 Kitchen Club Thorhild Co-op Boyle Grocery Invoice Number 210 211 212 A/R Dr. Sales Cr. 1,335.00 2,670 00 960.00 COGS Dr. Merchandise Inventory Cr.

Q: What is the purpose of EDI?

A: Transparency in electronic data exchange: Expanding EDI enables suppliers to get access to a buyer's…

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: What islockbox system?

A: Banks provide various services to the organizations such as lock box facility, overdraft facility,…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: Describe the PW method?

A: There are different types of methods for comparing the worthiness of the projects. Some of the tem…

Q: Define Reconciliation method

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: Explain red herring

A: Red herring It is an introductory prospectus recorded with the Securities and Exchange Commission…

Q: Project b npv is incorrect. MIRR is wrong for A and B.

A:

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: How does the Representational faithfulness is enhanced if information is free from error?

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: What is skimming?

A: Skimming: It is the fraudulent process under which the employees of the company steal the cash from…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: Define call protection

A: A financial instrument that does not affect the ownership of the common shareholders or management…

Q: Can somebody check if this is right it's a hw problem on cengage?

A: Hi, All the ratios you have calculated is right. Thanks

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.