Executive Suites. Inc., uses a perpetual inventory system. This systein includes a perpetual in- ventory record...

 

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Executive Suites. Inc., uses a perpetual inventory system. This systein includes a perpetual in- ventory record for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September: Sept 1 Balance on hand, 50 units, cost $60 each Sept 4 Purchase, 20 units, cost $65 each Sept. Sale, 35 units, sales price $100 each Sep 9 Purchase, 40 units, cost $65 each. Sep 20 ,Sale, 60 units, sales price $100 each Sept. 25 Purchase, 40 units, cost $70 dach Sept. 30 Sale, 5 units, sales price $110 each ww $3,000 1,300 3,500 2,600 6,000 2,800 550 Record the beginning inventory, the purchases, the cost of goods sold, and the running bal- ance on an inventory subsidiary record like the one illustrated on page 335). Use the last-in, first out (LIFO) method. Executive Suites. Inc., uses a perpetual inventory system. This systein includes a perpetual in- ventory record for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September: Sept 1 Balance on hand, 50 units, cost $60 each Sept 4 Purchase, 20 units, cost $65 each Sept. Sale, 35 units, sales price $100 each Sep 9 Purchase, 40 units, cost $65 each. Sep 20 ,Sale, 60 units, sales price $100 each Sept. 25 Purchase, 40 units, cost $70 dach Sept. 30 Sale, 5 units, sales price $110 each ww $3,000 1,300 3,500 2,600 6,000 2,800 550 Record the beginning inventory, the purchases, the cost of goods sold, and the running bal- ance on an inventory subsidiary record like the one illustrated on page 335). Use the last-in, first out (LIFO) method.

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Here are the stepbystep workings 1 Beginning inventory on Sept 1 50 units at 60 per ... View the full answer