Urgentttt During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). Journalize January transactions Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.Jan 20: Received payment from Shine Company, settling the amount Requirements: Journalize January transactions Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
Urgentttt During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). Journalize January transactions Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.Jan 20: Received payment from Shine Company, settling the amount Requirements: Journalize January transactions Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Urgentttt
During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000:
- Jan 1: Paid 6 months insurance in advance for $10,800.
- Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company.
- Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500.
- Jan 5: Paid accrued salary of the December 2016, $16,000.
- Jan 13: Paid to Great Company.
- Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30.
- Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each).
-
- Journalize January transactions
- Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.Jan 20: Received payment from Shine Company, settling the amount
Requirements:
- Journalize January transactions
- Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
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