On November 1, 2021, Wildhorse Farm entered into a contract to buy a $159000 harvester from John Deere. The contract required Wildhorse Farm to pay $159000 in advance on November 1, 2021. The harvester (cost of $119000) was delivered on November 30, 2021. The journal entry to record the delivery of the equipment includes a: a. debit to Unearned Sales Revenue for $159000.
b. credit to Unearned Sales Revenue for $159000.
c. debit to Inventory for $119000.
d. credit to Cost of Goods Sold for $119000.

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.