Assume that all amounts are settled in cash, no credit transactions. For each date, prepare journal entry

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Assume that all amounts are settled in cash, no credit transactions. For each date, prepare journal entry (using AVCO method only) the Company should post to reflect the transaction
	Date	Details		PURCHASE			SALES			ENDING INVERNTORY
			unit	unit cost	total	unit	unit cost	total	unit	unit cost	total
	01.Nov	Beginning Inventory							70	14	980
	06.Nov	Purchase	120	15	1800				190	14,63157895	2780
	08.Nov	Sale				80	14,631579	1170,526316	110	14,63157895	1609,47368
	12.Nov	Sales Return				-10	14,631579	-146,3157895	120	14,63157895	1755,78947
	15.Nov	Purchase	40	19	760				160	15,72368421	2515,78947
	16.Nov	Purchase Return	-5	19	-95				155	15,6179966	2420,78947
	20.Nov	Sale				100	15,6179966	1561,79966	55	15,6179966	858,989813
	25.Nov	Purchase	50	16	800				105	15,79990298	1658,98981


					Cost of Goods Sold			2586,010187	Ending Inventory		1658,98981

Date	Description	Quantity	Unit cost or selling price
01.Nov	Beginning inventory	70	$14.000
06.Nov	Purchase	120	$15.000
08.Nov	Sale	80	$21.000
12.Nov	Sale return*	10	$21.000
15.Nov	Purchase	40	$19.000
16.Nov	Purchase return	5	$19.000
20.Nov	Sale	100	$26.000
25.Nov	Purchase	50	$16.000
*includes two damaged car which has scrap value estimated to be at 20% of the its purchase price

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Intermediate Accounting IFRS

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Posted Date: Jan 16, 2023 03:28 AM

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