Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1...
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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @$2- $ 80 @ $3- $ 210 70 units 90 units @$4- $360 $ 100 $ 750 20 units e 55- 220 unita 30 units 60 units 86 units 176 units $8 58 @ $8 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @$2- $ 80 @ $3- $ 210 70 units 90 units @$4- $360 $ 100 $ 750 20 units e 55- 220 unita 30 units 60 units 86 units 176 units $8 58 @ $8 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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