Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.
Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1MP
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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:
Jan. 14 Sold 25 units at unit sales price of $45 on account.
Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.
Sept. 2 Sold 50 units at a sales price of $50 on account.
Dec. 31 Counted inventory and determined 40 units were still on hand.
Required:
Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventory
system and (b) a periodic inventory system.
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