Perpetual Inventory Assignment

1. What is a perpetual inventory?

2. What is a merchandiser?

3. What is a wholesaler?

4. Explain FOB Shipping Point-

5. Explain FOB Destination

6. What is COGS?

7. Understand how terms are defined on an invoice e.g. 2/15 n60- S 5-6Merchandise purchase transactions-perpetual L03 Journalize each of the following transactions assuming a perpetual inventory system. May 1 Purchased $1.200 of merchandise inventory: terms 1/10. n/30. 14 Paid for the May 1 purchase. 15 Purchased $3.000 of merchandise inventory: terms 2/15. n/30. 30 Paid for the May 15 purchase, less the applicable discount. 1,200- de – Quick Study 5-6- May 14 Merchandise Inventory…. + + Accounts Payable………. – To record purchase of merchandise; terms 1/10, 1/30.+ 1,200+ t 1,200- + + 14- Accounts Payable…… + Cash …………. – To record payment of credit purchase. t 1,20022 3,000 + 3,000++ 150 Merchandise Inventory……….. Accounts Payable…. To record purchase of merchandise; terms 2/15, n30.+ 3,000+ + 30+ Accounts Payable….. Merchandise Inventory …………. Cash …….. ………. t t tt 60- …….. …………………….. 2,940- – To record payment of credit purchase within Pe discount period; $3,000 x 2%= $60 discount. .

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