During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1...
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During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000:
Jan 1: Paid 6 months insurance in advance for $10,800.
Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company.
Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500.
Jan 5: Paid accrued salary of the December 2016, $16,000.
Jan 13: Paid to Great Company.
Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30.
Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each).
Jan 20: Received payment from Shine Company, settling the amount due in full.
Jan 23: Sold 40 units on account, $6,000 ($150 each) to Bridget Company.
Jan 27: Purchased supplies for cash of $13,000.,
Journalize January transactions
PrepareFIFOschedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.
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