LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Page 301

LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Page 301

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Description: LO 5-1Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchasesThe following inventory transactions apply to Green Company for Year 2.Jan. 1Apr. 1Aug. 1Dec. 1 SoldPurchased 260 units @ $50130 units @

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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Problem 6-3B (Algo) Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) At the beginning of June, Circuit Country has a balance in inventory of $2,100. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,800, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $220. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,200, that had a cost of $2,300. June 18 Receive payment on account from customers, $2,200. June 28 Purchase radios on account from Sound Unlimited for $2,900, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,400, that had a cost of $2,700. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit…
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ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
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