ny keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each……………………………
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November.
Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000
Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300
Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500
Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600
Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000
Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800
Nov.30Sale 5 units sale price $110 each………………………………………...…….$550
Required:
- Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method.
- Prepare
journal entries to record these purchases and sales in November. Assume that all of the transactions were on account.
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