Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 111 units at $5 each 4 Sale 90 units at $8 each 11 Purchase 159 units at $6 each 13 Sale 130 units at $9 each 20 Purchase 149 units at $7 each 27 Sale 85 units at $11 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account.
Assume Metlock uses a perpetual system. Prepare all necessary
journal entries. (If no entry is required, select "No
entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date |
Account Titles and Explanation |
Debit |
Credit |
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(To record the sale) |
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(To record the cost of inventory) |
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(To record the sale) |
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(To record the cost of inventory) |
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(To record the sale) |
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(To record the cost of inventory) |
The journal entries to be booked will be as under. These are prepared basis the table given below:
Date | Account Description | Debit | Credit |
Jan-04 | Accounts Receivables | 720 | |
Sales Revenue | 720 | ||
Jan-04 | Cost of Goods Sold | 450 | |
Merchandize Inventory | 450 | ||
Jan-11 | Merchandize Inventory | 954 | |
Accounts Payable | 954 | ||
Jan-13 | Accounts Receivables | 1170 | |
Sales Revenue | 1170 | ||
Jan-13 | Cost of Goods Sold | 759 | |
Merchandize Inventory | 759 | ||
Jan-20 | Merchandize Inventory | 1043 | |
Accounts Payable | 1043 | ||
Jan-27 | Accounts Receivables | 935 | |
Sales Revenue | 935 | ||
Jan-27 | Cost of Goods Sold | 545 | |
Merchandize Inventory | 545 |
Notes
Lets construct the below table before we prepare the journal entries
Beginning Inventory | Purchases | Sales / COGS | Ending Inventory | Sales | |||||||||||
Date | Units | Price | Total | Units | Price | Total | Units | Price | Total | Units | Price | Total | Units | Price | Total |
Jan-01 | 111 | 5 | 555 | 111 | 5 | 555 | |||||||||
Jan-04 | 90 | 5 | 450 | 21 | 5 | 555 | 90 | 8 | 720 | ||||||
Jan-11 | 159 | 6 | 954 | 21 | 5 | 555 | |||||||||
159 | 6 | 954 | |||||||||||||
Jan-13 | 21 | 5 | 105 | 0 | 5 | 0 | 130 | 9 | 1170 | ||||||
109 | 6 | 654 | 50 | 6 | 300 | ||||||||||
Jan-20 | 149 | 7 | 1043 | 50 | 6 | 300 | |||||||||
149 | 7 | 1043 | |||||||||||||
Jan-27 | 50 | 6 | 300 | 0 | 6 | 0 | 85 | 11 | 935 | ||||||
35 | 7 | 245 | 114 | 7 | 798 | ||||||||||
Total | 111 | 555 | 308 | 1997 | 305 | 1754 | 114 | 798 | 305 | 2825 |
Please comment in case of any issue and I will be happy to help.
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