Question

In: Accounting

Accounting records for High Life Corporation yield the following data for the year ended June

June 30, 2018 (assume sales returns are non-existent):Journalize High Life's High Life's inventory transactions for the year under the perpetual system. (Record debits

Inventory, June 30, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$14,000

Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57,000

Sales of inventory - 78% on account; 22% for cash (cost $44,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,000

Inventory at FIFO, June 30, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,000

i Know the first entry is:

Inventory 57,000

Accounts Payable 57,000

and i know that the second is: (but i'm not sure how i could calculate these to get the right answer)

Accounts Receivable

Cash

Sales Revenue

Requirement 2.

Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.

Expert Solution

From the above posting we get the closing balance of various accounts. As

Accounts Receivable $63960 ; Cash $18040 ; Sales revenue $ 82000

Requirement 2

ekkarill92 answered 2 years ago

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