2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs. Purchase Date Units Purchased Unit Cost Total cost May 2 4 $7000 $28,000 May 20 2 $7100 14,200 May 25 8 $7250 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute LIFO COGS: Ending inventory: Date Debit Credit Db Cr
2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs. Purchase Date Units Purchased Unit Cost Total cost May 2 4 $7000 $28,000 May 20 2 $7100 14,200 May 25 8 $7250 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute LIFO COGS: Ending inventory: Date Debit Credit Db Cr
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs.
Purchase Date |
Units Purchased |
Unit Cost |
Total cost |
May 2 |
4 |
$7000 |
$28,000 |
May 20 |
2 |
$7100 |
14,200 |
May 25 |
8 |
$7250 |
58000 |
June 5 |
10 |
$7300 |
73000 |
|
24 |
|
$173,200 |
On May 28, Sea Travel sold 11 Wings to the jack Sport racing team.
Compute
- LIFO
COGS:
Ending inventory:
Date |
Debit |
Credit |
Db |
Cr |
|
|
|
|
|
|
|
|
|
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