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The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period are shown in

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The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.


The beginning inventory at RTE Office Supplies and data on



Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of August 31,2014.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
Transcribed Image Text:

Number Per of Units UTotal Date Transaction June Inventory 10 Purchase 28 Sale 30 Sale 500 $30.00 $15,000 1,500 34.0051,000 750 50.00 37,500 250 52.00 13,000 Numbe Per of Units Unit Date Transaction Total July 5 Sale 100 55.00 5,500 3,600 35.00 26,000 1,800 5600 100800 1,700 60.00 02000 3,000 35.80 107 400 2000 6000 120,000 36.00 1,750 60.00 105,000 10 Purchase 16 Sale 28 Sale Aug. 5 Purchase 14 Sale 25 Purchase 30 Sale 500 18,000

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Related Book For  answer-question
Corporate Financial Accounting

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Details
Chapter # 6- Inventories
Section: Problem Set A
Problem: 2
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Question Posted: February 28, 2014 09:06:14
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