Part 1 10 marks

Aster Turane Computers uses a perpetual accounting system.

Use the following transactions to complete both FIFO (4 marks) and MWA (6 marks) Inventory Costing methods.

Apr. 1 Physical inventory count revealed $3,480 of merchandise inventory and 110 pieces. (no entry required)

7 Purchased $11,500 of merchandise (310 units) from LedCor with terms of 1/10,

n/30, FOB shipping point.

13 Sold 175 units of merchandise with a retail value of $7,000 to Starbust Inc.

with terms of 1/10, n/30, FOB shipping point.

20 Purchased $14,000 (350 units) of merchandise from LedCor with terms of 1/10,n/30, FOB destination.

23 Sold 200 units of merchandise for $7,800 to Lendrum Sales; 1/10, n30.

26 Sold merchandise (40 units) for $1,800 to Gillette Industries; 1/10, n30.

30 Sold merchandise (60 units) for $2,640 on credit to Whistler Resort.