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On December 28, 2018, Videotech Corporation (VTC) purchased 12 units of a new satellite uplink system from Tristar Communications for $30,000 each. The terms of each sale were 2/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019 Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View journal entry worksheet View transaction list Date General Journal Debit Credit No December 28, 2018 Inventory 1 Accounts payable January 06, 2019 Accounts payable 2 Cash Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand-3, 500 units; cost $7.60 each 8 Purchased 15, 000 units for $6.00 each. 14 Sold 10, 500 units for $12.50 each 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,e00 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods: FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold- Periodic FIFO Ending Inventory- Periodic FIFO # of units FIFO Cost of Goods Cost per # of units sold Cost per unit Cost of Cost per unit Ending Inventory # of units Available for Sale Goods Sold in ending inventory unit Beginning Inventory Purchases 3,500 760 26,600 3,500 7.60 S 26,600 7.60 S 0 15,000 6.00 8,500 $550 27,000 90,000 15,000 6.00 August 8 August 18 90,000 0 6.00 46,750 $ 5.50 5.50 $ $ 116,600 Total $ 163,350 18,500 0 $ LIFO Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $8 per order, 2 % of annual order value for general delivery costs, $1.25 per item, and $30 for delivery. A year later, Republic collected the following information for two of its best customers: Cost driver Customer C Customer D Number of orders Number of deliveries 18 8 10 10 Total number of 4,000 2,000 items Annual order value $80, 000 $120, 000 What are the total delivery costs charged to Customer D during the year? Express Travel decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Express Travel should charge $16 per order, 1 % of annual order value for general delivery costs, $2.50 per item, and $45 for delivery. A year later, Express Travel collected the following information for three of its customers: Cost driver Customer A Customer C Customer B 12 8 Number of orders 18 24 10 Number of deliveries 10 4,00e $80, 000 12,000 $100, 000 Total number of items 2,000 $120, 000 Annual order value What are the total delivery costs charged to Customer B during the year? Denim Products reports the following information about resources. At the beginning of the year, Denim estimated it would spend $84,000 for setups and $41,000 for quality testing Cost Driver Rate volume Resources used: Setups Quality testing Resources supplied: Setups Quality testing $ 250/run 350 runs $ 40/test 900 tests $90, 000 $40, 000 The unused resource capacity for setups for Denim Products is

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