Question: Homework Chapter 7 Assignment Objective: Combine the elements from Chapter 6 and 7. The following data regarding purchases and sales of a commodity were taken
Homework Chapter 7
Assignment Objective: Combine the elements from Chapter 6 and 7.
The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account. The item is sold on account to customers for $100 each.
June 1 Balance 25 units at $60 (cost)
6 Sale 20 units
8 Purchase 20 units at $61 (cost)
16 Sale 10 units
20 Purchase 20 units at $62 (cost)
23 Sale 25 units
30 Purchase 15 units at $63 (cost)
- Complete an inventory card and prepare the appropriate journal entries for the above transactions from the sellers point of view utilizing First in First Out (FIFO).
Purchases Cost of Mdse Sold (CMS) Inventory
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Account Title Debit Credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help