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55 sam levine merchandising had the following transactions during may may 1beginning 4300745

 

 

55) Sam Levine Merchandising had the following transactions during May:

 

May   1Beginning inventory was 20 units valued at $25 per unit.

May   5Purchased 80 units of merchandise on account for $2,160,

terms n/15, FOB shipping point.

May   9Paid transportation cost on the May 5 purchase, $240.

May 10Returned two units of defective merchandise purchased on May 5.

May 11Sold 30 units for $50 per unit on account.

May 15Paid for the May 5 purchase, less the return .

May 20Sold 10 units for $50 per unit on account.

 

Required:

1.Assuming FIFO and that the perpetual inventory system is used, prepare the journal entries to record the above transactions.

2.Assuming weighted-average and that the periodic inventory system is used, prepare the journal entries to record the above transactions.

 

 

 

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