Homework Week 4Chapter 06 exercises Score 027 of 1 pt 1 of 1

Homework: Week 4-Chapter 06 exercises Score: 0.27 of 1 pt 1 of 10 (2 complete) HW Score: 12.67%, 127 of 1 s63 (similar to) Herouda Coycles started,January with 25 bloycles that cost 505 each On lanuary 16, Hercula bought 50 bicydes at 580 each On Jlanuary 31. Hercola sold 2 bioye 1. Pareercula oyde\'s perpeiual mventon erd assuninthe specilic dentlicatio niventory costing mehod Assume hua Question Help for $100 each. 20 bicycles that cost $65 each and 8 bicydles that cost $80 each 2. Journalze the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula Coycle\'s perpetual inventory record assuming the company uses the specific identication Inventory costing method Assume that Hercula sold 20 bicydles that cost $65 each and 8 bicycles that cost $80 each. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Enter the oldest inventory layers first Abbreviation used aTY Quantity Tot Total) Hercula Cycles Cost of Goods Sold Inventory on Hand QTY?Unit Cost|Tot. Cost | |Unit Cost |Tot. Cost | |Unit Cost |Tot Cost 25 $65 $ 1,625 25 $6 1,625 50 S80 $ 4,000 65 80 QTY QTY Jan. 1 Jan. 16 50 $ 80$ 4,000 20 65 1300 640 Jan 31 195 53 42 nter any number in the edit fiolds and then dick Check Answer parts remair Clear All Check Answer

Solution

Purchases

Cost of Goods Sold

Inventory on Hand

Date

QTY

Unit cost

Tot. cost

QTY

Unit cost

Tot. cost

QTY

Unit cost

Tot. cost

Jan 1

-

-

-

-

-

-

25

65

1625

Jan 16

50

80

4000

-

-

-

25

50

65

80

1625

4000

Jan 31

-

-

-

20

8

65

80

1300

640

5

42

65

80

325

3360

(2) Journal Entries:-

Date

Accounts & Explanation

Debit

Credit

Jan 16

Merchandise Inventory

4000

Accounts Payable

4000

(Purchased Inventory on account)

Jan 31

Accounts Receivable (28 * 100)

2800

Sales Revenue

2800

(Sales on account)

Jan 31

Cost of Goods Sold (1300 + 640)

1940

Merchandise Inventory

1940

(Recorded the Cost of Goods Sold)

	Purchases	Cost of Goods Sold	Inventory on Hand
Date	QTY	Unit cost	Tot. cost	QTY	Unit cost	Tot. cost	QTY	Unit cost	Tot. cost
Jan 1	-	-	-	-	-	-	25	65	1625
Jan 16	50	80	4000	-	-	-	25 50	65 80	1625 4000
Jan 31	-	-	-	20 8	65 80	1300 640	5 42	65 80	325 3360