This information relates to Sunland Co.

1.On April 5, purchased merchandise from Blossom Company for $26,600 on account.

2.On April 7, purchased equipment on account for $28,200.

3.On April 8, returned $3,500 of April 5 merchandise to Blossom Company.

4.On April 15, paid the amount due to Blossom Company in full.

Prepare a tabular summary to record the transactions listed above for Sunland Co. using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg (45))

In its income statement for the year ended December 31, 2022, Wildhorse Co. reported the following condensed data.

Salaries and wages expenses$567,300

Loss on disposal of plant assets$101,870

Cost of goods sold1,204,140

Sales revenue2,696,200

Interest expense86,620

Income tax expense30,500

Interest revenue79,300

Sales discounts195,200

Depreciation expense378,200

Utilities expense134,200

Prepare a multiple-step income statement. (List other revenues before other expenses.)

Marin sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Marin’s purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Marin uses a periodic inventory system.

Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.

	FIFO	LIFO	AVERAGE- COST
Cost of good sold	$	$	$

Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.

	FIFO	LIFO	AVERAGE- COST
Cost of good sold	$	$	$

Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022.

(a)Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal place, eg 52.7.)

	2020	2021	2022
Inventory	$	$	$

(b)Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal place, e.g. 52.7.)

	2020	2021	2022
Days in Inventory	days	days	days