4. Itco uses a perpetual inventory system. During the month of July the following transactions took place:
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4. Itco uses a perpetual inventory system. During the month of July the following transactions took place:
7/1 Balance: 5,000 uts. @ $6.60/ut
7/8 Purchased: 7,500 uts. @ $7.00/ut
7/12 Purchased: 8,600 uts. @ $7.20/ut
7/18 Sold 15,000 uts. for $12.00 ea.
7/20 Purchased: 7,000 uts. @ $7.60/ut
7/22 Sold 8,000 units for $12.50/ut
.
Required: 16
a. Complete the perpetual inventory record (provided) for the above transactions using FIFO
UTS | COST | TOT | UTS | COST | TOT | UTS | COST | TOT |
10 |
b. Make the required journal entry on 7/8.
DATE | ACCOUNT | DR | CR |
2
c. Make the required journal entry on 7/18.
DATE | ACCOUNT | DR | CR |
6 |
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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