Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases
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Question:
Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases and sales were:
| Date | Detail |
| June 1 | Purchased 200 pens at $12 each |
| June 9 | Sold 350 pens at $20 each |
| June 10 | Purchased 400 pens at $9 each |
| June 14 | Sold 200 pens at $17 each |
| June 20 | Sold 150 pens at $22 each |
| June 28 | Purchased 250 pens for $15 each |
A stocktake at 30 June revealed 448 pens on hand.
Required:
A) Record the transactions in the general journal using the periodic inventory system.
B) an abridged income statement for 30 June
Expert Answer:
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