April 1st , the car inventory records of Jackie Mason Auto Sales Dealership shows total inventory of $140,000 consisting of the following:
MODEL UNITS UNIT COST
Custom Sedans 4 $14000
Convertibles 3 $16000
Recreational Vans 2 $18000
During April, the following purchases and sales were made on account:
April 5 – purchased 3 custom sedans for $14000 per sedan
April 7 – sold 2 custom sedans for $18200 per sedan
April 13 – purchased 2 recreational vans for $18000 per van
April 17 – sold on custom sedan for $18500
April 20 – purchased 2 convertibles for $16000 per convertible
April 22 – returned one convertible purchased on April 20th for $16000 credit
April 24 – sold 3 recreational vans for $24000 each
April 28 – sold 1 convertible for $21000
(A). Journalize the above transactions using (1) the periodic inventory system assuming a LIFO method is used (2) perpetual inventory system assuming that the specific identification cost method is used
(B) , Assuming that no other entries are made, prepare and explain the year-end inventory entries, if any are needed for the inventory account under each method.
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