As this is a new store, merchandise has been purchased on account to sell at the store. The information below relates to the purchase and sales of the new products.
Use the perpetual inventory method with the FIFO valuation method. Please see the "Milestone Inventory" tab in your workbook for purchase and sales information.
August : Purchased golf club sets for $ each to sell at the store from vendor A on account with terms of net
September : Purchased bicycles for $ each to sell at the store from vendor B on account with terms of net
September : Paid $ toward merchandise from vendor
September : Recorded impact of sales transaction on COGS and the inventory asset.
Silliul
October : Paid $ toward merchandise from vendor B
October : Paid remaining payable for merchandise from vendor
October : Purchased more golf club sets for $ each to sell at the store from vendor on account with terms of net
October : Recorded impact of sales transaction on COGS and the inventory asset.
November : Paid remaining payable for merchandise from vendor B
November : Purchased more bicycle sets for $ to sell at the store each from vendor on account with terms of net
November : Paid vendor B in full and took advantage of the discount offset COGS
November : Recorded impact of sales transaction on COGS and the inventory asset.
December : Paid $ toward payable for merchandise from Vendor