Information: Date Sales (Cost of Goods Sold) Inventory Account 1-Nov 8-Nov 11/1:2,000 @ $5.30 10,600.00 11/1:2,000...

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Information: Date Sales (Cost of Goods Sold) Inventory Account 1-Nov 8-Nov 11/1:2,000 @ $5.30 10,600.00 11/1:2,000 @ $5.30 10,600.00 11/8: 8,000 @ $5.50 44,000.00 54,600.00 14-Nov 2,000 @ $5.30 10,600.00 11/8: 4,000 @ $5.50 22,000.00 18-Nov 4,000 @ $5.50 6,000 units 22,000.00 32,600.00 11/8: 4,000 @ $5.50 22,000.00 11/18: 6,000 @ $5.60 33,600.00 55,600.00 25-Nov 4,000 @ 5.50 3,000 @ 5.60 22,000.00 11/18: 3,000 @ $5.60 16,800.00 16,800.00 7,000 units 28-Nov 38,800.00 71,400.00 11/18: 3,000 @ $5.60 16,800.00 Cost of Goods Sold 11/28:4,000 @ $5.80 23,200.00 7,000 units 40,000.00 Ending Inventory Required: Prepare the necessary journal entries for all purchases and sales. Assume that the product sells for $10 a unit to the customer for November 1-15 and then sells for $12 a unit to the customer for the remainder of the month of November. What method is being used in the costing schedule to calculate Cost of Goods Sold and Ending Inventory? Which system of inventory is the company using based on the information above? Information: Date Sales (Cost of Goods Sold) Inventory Account 1-Nov 8-Nov 11/1:2,000 @ $5.30 10,600.00 11/1:2,000 @ $5.30 10,600.00 11/8: 8,000 @ $5.50 44,000.00 54,600.00 14-Nov 2,000 @ $5.30 10,600.00 11/8: 4,000 @ $5.50 22,000.00 18-Nov 4,000 @ $5.50 6,000 units 22,000.00 32,600.00 11/8: 4,000 @ $5.50 22,000.00 11/18: 6,000 @ $5.60 33,600.00 55,600.00 25-Nov 4,000 @ 5.50 3,000 @ 5.60 22,000.00 11/18: 3,000 @ $5.60 16,800.00 16,800.00 7,000 units 28-Nov 38,800.00 71,400.00 11/18: 3,000 @ $5.60 16,800.00 Cost of Goods Sold 11/28:4,000 @ $5.80 23,200.00 7,000 units 40,000.00 Ending Inventory Required: Prepare the necessary journal entries for all purchases and sales. Assume that the product sells for $10 a unit to the customer for November 1-15 and then sells for $12 a unit to the customer for the remainder of the month of November. What method is being used in the costing schedule to calculate Cost of Goods Sold and Ending Inventory? Which system of inventory is the company using based on the information above?

Answer rating: 100% (QA)

Here are the journal entries for the purchases and sales for November Nov 1 Inventory10600 Accounts ... View the full answer