Big Fish Tackle Co. Ltd. reports the following inventory transactions for its fishing rods for the month of April. The company uses a perpetual inventory system.

Instructions

1. Using FIFO, determine the cost of goods sold and the cost of ending inventory.
2. Record journal entries for the sales transactions on April 9 and April 20.
3. Assume that Big Fish Tackle wants to change to the average cost formula. Explain what guidelines the company must consider before making this change.
4. If the company does change to the average cost formula and prices continue to rise, explain whether you expect the cost of goods sold and ending inventory amounts to be higher or lower than these amounts when using FIFO.

X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the appropriate adjusting entries on October 31:

1. On October 1, the company paid rent for the final three months of the year. Rent was $1,525 per month.
2. On October 1, the company purchased equipment that cost $20,000, borrowing the full amount from a bank. The equipment has a life of four years and a salvage value at that time of $2,000. The company will repay the loan on December 31, along with interest at $152 per month.

8. What was the effect of the accountant's entries on total assets?

9. What was the effect of the accountant's entries on Net Income in October?

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