# Journal Entry and Inventory with Cost of Goods Sold

## Chapter 4

 Problem 1 – Prepare a classified balance sheet The following information relates to JB’s Auto Shop for 2021: Retained earnings \$100,000 Buildings \$169,000 Notes payable due in 2024 63,955 Cash 74,000 Long-term investments 29,070 Accounts payable 13,566 Common stock 20,000 Inventory 11,560 Prepaid rent 3,800 Accumulated depreciationbuildings 42,019 Salaries and wages payable 47,890 Purpose The purpose of this problem is to demonstrate an understanding of analyzing accounting information and preparing a financial statement. Instructions After analyzing the data, prepare a classified balance sheet for JB’s Auto Shop as of December 31, 2021. Guidance For formatting guidance, see the balance sheet examples that are provided in Chapter 4 of the textbook. Your Answer:

## Chapter 5

 Problem 2 – Prepare journal entries Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC. Both companies use perpetual inventory systems. Here are the details related to the transactions between the two companies: Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC paying \$6,080 for the goods. The cost of the goods for Palm Tree, LLC is \$4,930. Purpose The purpose of this problem is to demonstrate an understanding of analyzing merchandising transactions and preparing journal entries. Instructions After analyzing the transactions, prepare the journal entries for both companies (indicate which are for which company in your responses). Guidance For formatting guidance, see the journal entry examples that are provided in Chapter 5 of the textbook. Your Answers:

## Chapter 6

 Problem 3 – Calculate ending inventory and cost of goods sold Princess Company uses a periodic inventory system. The company’s records for the month of February were as follows: Date Units Unit Cost Total Cost February 1 Inventory 10 \$12 \$120 February 8 Purchase 90 14 1,260 February 17 Purchase 35 15 525 February 28 Purchase 20 16 320 Total 155 \$2,225 146 units were sold in February. Purpose The purpose of this problem is to demonstrate an understanding of calculating ending inventory and cost of different cost flow assumptions. Instructions After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods. Guidance For guidance, see the calculation examples that are provided in Chapter 6 of the textbook. Your Answers: FIFO LIFO Ending inventory at February 28th Cost of goods sold Show your calculations for each amount:

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