Question

Homework: Chapter 6 Homework Save 3 of 8 (3 complete) HW Score: 22.86%, 4.57 of 20 pts COL Score: 0.57 of 2 pts %E6-16A (book/static) Question Help Griffin Company's inventory records for its retail division show the following at December 31: (Click the icon to view the accounting records.) At December 31, 11 of these units are on hand. fork Read the woments Test Requirement 1. Journalize for Griffin total December purchases in one summary entry, under the perpetual system. All purchases were on credit (Record debits first then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Credit Debit 3,105 Inventory Accounts Payable 3,105 Dama r ante el intentar tharam Thaalin seamnar Choose from any list or enter any number in the input fields and then click Check Answer parts 3 remaining Clear All Final Check - This course inuncul Accounting laro Start Accelerated Fall 2015 based on Thomatoer Finance Accountine 120

Answer 1

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Griffin Company
Workings
Perpetual FIFO
Answer 1
Purchases					Journal Entry	Debit $	Credit $
Date	No. of Units	Cost per unit	Amount		Account
15-Dec	5.00	166.00	830.00		Inventory	3,105.00
26-Dec	13.00	175.00	2,275.00		Accounts Payable		3,105.00
Total	18.00		3,105.00
Answer 2
Total stock
Date	No. of Units	Cost per unit	Amount
1-Dec	9.00	165.00	1,485.00
15-Dec	5.00	166.00	830.00
26-Dec	13.00	175.00	2,275.00
Total	27.00		4,590.00
Ending Inventory	11.00
Units sold	16.00
Stock sold
Date	No. of Units	Cost per unit	Amount		Journal Entry	Debit $	Credit $
1-Dec	9.00	165.00	1,485.00		Account
15-Dec	5.00	166.00	830.00		Cost of Goods sold	2,665.00
26-Dec	2.00	175.00	350.00		Inventory		2,665.00
Total	16.00		2,665.00
Units sold	16.00				Accounts Receivable	8,000.00
Sell price	500.00				Sales		8,000.00
Sale value	8,000.00
Answer 3
	No. of Units	Cost per unit	Amount
Ending Inventory	11.00	175.00	1,925.00
So Ending Inventory is $ 1,925.