1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with an inventory of 30 units that cost $300 each. During the month, the company engaged in the following business transactions: July 10 July 15 July 22 July 29 July 31 Purchased 30 units on account at $320. Sold 40 units on account at $700. Purchased 70 units on account at $350. Sold 75 units on account at $800. Reported monthly operating expenses of $30,000. The company paid one-third with cash and the rest was recorded on account. July 31 Paid $12,000 of the Accounts Payable balance. Assume PEI Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. a. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. b. Make journal entries to record the company's transactions. No explanations are necessary.

1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with an inventory of 30 units that cost $300 each. During the month, the company engaged in the following business transactions: July 10 July 15 July 22 July 29 July 31 Purchased 30 units on account at $320. Sold 40 units on account at $700. Purchased 70 units on account at $350. Sold 75 units on account at $800. Reported monthly operating expenses of $30,000. The company paid one-third with cash and the rest was recorded on account. July 31 Paid $12,000 of the Accounts Payable balance. Assume PEI Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. a. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. b. Make journal entries to record the company's transactions. No explanations are necessary.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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