Question: Recording Purchase Entry Using Relative Sales Value Method Bick Company purchased 5,200 bushels of ungraded apricots for $10,800. The apricots were sorted as follows: grade

Recording Purchase Entry Using Relative Sales Value Method Bick Company purchased

Recording Purchase Entry Using Relative Sales Value Method Bick Company purchased 5,200 bushels of ungraded apricots for $10,800. The apricots were sorted as follows: grade 1, 2,000 bushels; grade 2, 1,400 bushels; and grade 3, 1,800 bushels. The current market prices for graded apricots follow: grade 1, $5 per bushel; grade 2, $3 per bushel; and grade 3, $1 per bushel. The company uses a perpetual inventory system. Prepare the entry to record the purchase. Note: Round each amount to two decimal places (for example, enter 500.56 for 500.5554). Dr. Cr. O 0 Accounts Name Inventory-Grade 1 Inventory-Grade 2 Inventory-Grade 3 Accounts Payable 0 0 0 0 O O

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