E6-29 (Static) (Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems [LO 6-S2] Skip to question [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: January 14 Sold 25 units at unit sales price of $45 on account. April 9 Purchased 15 additional units at a per unit cost of $25 on account. September 2 Sold 50 units at a sales price of $50 on account. December 31 Counted inventory and determined 40 units were still on hand. Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the sale of 25 units at $45 on account. Record the cost of goods sold, if needed, for the sale of 25 units at $45 on account. Record the purchase of 15 additional units at a per unit cost of $25 on account. Record the sale of 50 units at $50 on account. Record the cost of goods sold, if needed, for the sale of 50 units at $50 on account. Record the end of period adjustment, if needed, to determine the amount of cost of goods sold.

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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E6-29 (Static) (Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems [LO 6-S2]

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[The following information applies to the questions displayed below.]

Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year:

January 14	Sold 25 units at unit sales price of $45 on account.
April 9	Purchased 15 additional units at a per unit cost of $25 on account.
September 2	Sold 50 units at a sales price of $50 on account.
December 31	Counted inventory and determined 40 units were still on hand.

Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Record the sale of 25 units at $45 on account.
Record the cost of goods sold, if needed, for the sale of 25 units at $45 on account.
Record the purchase of 15 additional units at a per unit cost of $25 on account.
Record the sale of 50 units at $50 on account.
Record the cost of goods sold, if needed, for the sale of 50 units at $50 on account.
Record the end of period adjustment, if needed, to determine the amount of cost of goods sold.

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