(Solved): Journal Entries for Merchandise Transactions on Seller's and Buyer's Records-Periodic System The fol ...

Journal Entries for Merchandise Transactions on Seller's and Buyer's Records-Periodic System The following are selected transactions for Fenton, Inc., during the month of January: \table[[Jan. 18,Sold and shipped on account to Lawrence Stores merchandise for

with terms of

.],[Jan. 25,Lawrence Stores was granted a

allowance on goods shipped January 18 .],[Jan. 27,Received from Lawrence Stores a check for full settlement of the January 18 transaction.]] Required Prepare journal entries for (a) Fenton, Inc., and (b) Lawrence Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries Inventory Costing Methods-Perpetual Method The Lippert Company uses the perpetual inventory system. The following July data are for an item in Lippert's inventory: \table[[July,1,Beginning inventory,30,units @,

,per unit],[,10,Purchased,50,units @,

,per unit],[,15,Sold,60,units @,,],[,26,Purchased,25,units @,

,per unit]] Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest dollar. \table[[A.,First-in, First-out:,],[Cost of Goods Sold:,