The Magic Teddy Bear Toy Company entered into the following transactions during January 2011:
January 3:Purchased 7,000 teddy bears at $20 each with the terms 2/10, n/30.
3:Sold 2,000 teddy bears at $50 each for cash.
9:Sold 4,000 teddy bears at $50 each for cash.
10:Settled the purchase made on January 3.
15: Purchased 10,000 teddy bears. Three thousand of the bears were purchased for cash at $24.50 each, and the remaining bears were purchased on account for a gross price of $25.00 each (terms 2/10, n/30).
19:Purchased 7,000 teddy bears at $26 each with the terms 2/10, n/30.
23: Paid for one-half of the teddy bears purchased on account on January 15.
27:Purchased 4,000 teddy bears at $28 each for cash.
28: Settled the remaining open account from the purchase made on January 15.
28:Settled the open account from the purchase made on January 19.
29: Sold 6,000 teddy bears at $60 each for cash.
30:Sold 5,000 teddy bears at $60 each on account.
31:Purchased 2,000 teddy bears at $30 each for cash.
31:Received a freight bill in the amount of $30,000, c9overing all purchased made during January 2011.
The Magic Teddy Bear Toy Company has 5,000 teddy bears on hand at $19 each of January 1, 2011.
Assume that The Magic Teddy Bear Toy Company accounts for purchase cash discounts under the gross method. Prepare all necessary entries, including adjusting journal entries, during January 2011, if the company uses the following:
a. LIFO cost flow assumption
b. FIFO cost flow assumption
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