Question

please help with requirement #2

Accounting records for Dundas Corporation yield the following data for the year ended June 30, 2018 (assume sales returns are non-existent): (Click the icon to view the accounting records.) Read the requirements. Requirement 1. Journalize Dundas' inventory transactions for the year under the perpetual system. (Record debits first, then credits. Exclude explanations from any journal entries.) The first transaction is the purchase of inventory. Record the entry. Credit Date 30 Journal Entry Accounts Inventory Accounts Payable Debit 64,000 Jun 64,000 The next transaction is the sale of inventory. Record the entry. Do not yet record the cost related to the sale. We do this in the next journal entry. Date Credit Jun 30 Journal Entry Accounts Cash Accounts Receivable Sales Revenue Debit 16,920 77,080 X 94,000 A Requirements The last entry is recording the cost of inventory. Record the entry. 1. Journalize Dundas' inventory transactions for the year under the perpetual system. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. Date Credit Journal Entry Accounts cost of Goods Sold Inventory Debit 39,000 Jun 30 39,000 Print Done Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Report the appropriate account(s) on the balance sheet. X A Data Table Balance Sheet: Current assets: Inventory, June 30, 2017.. Purchases of inventory (on account) Sales of inventory - 82% on account; 18% for cash (cost $39,000).... Inventory at FIFO, June 30, 2018... 15,000 64,000 94,000 40,000 Print Done

Answer 1

2			Income statement
						$
	Sales revenue					94000
	Less: Cost of goods sold					39000
	Gross profit					55000
			Balance sheet
						$
	Current asset:
	Inventory					40000