Question: Recording Purchase Entry Using Relative Sales Value Method Bick Company purchased 4,160 bushels of ungraded apricots for $8,640. The apricots were sorted as follows: grade

Recording Purchase Entry Using Relative Sales Value Method

Bick Company purchased 4,160 bushels of ungraded apricots for $8,640. The apricots were sorted as follows: grade 1, 1,600 bushels; grade 2, 1,120 bushels; and grade 3, 1,440 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: Carry all decimals in calculations; round the final answer to the nearest dollar.

Accounts Name Dr. Cr.
InventoryGrade 1 Answer Answer
InventoryGrade 2 Answer Answer
InventoryGrade 3 Answer Answer
Accounts Payable Answer Answer

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