Question 3

it is a single question

Question 3 (14 points] The Dylex Corporation company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 170 units @ $73/unit February 22: 150 units @ $66/unit June 24: 250 units @ $63/unit Sales February 6: 70 units September 13: 200 units Specific Units Sold February 6: 70 units from beginning inventory September 13: 80 units from beginning inventory 30 units from the February 22 purchase 90 units from the June 24 purchase The units have a selling price of $100.00 per unit. a) Given that Dylex Corporation employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory Cost of goods available for sale: Units available for sale: Units remaining in ending inventory b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Dylex Corporation using the specific identification system. Specific Identification Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on February 22, (b) The sale on September 13. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Page GJ8 Date Account/Explanation F Debit Credit +