Problem 1 Inventory data for Williams Door Products Co. for the month of October are as follows: 40 units at $130 each 50 units at $132 each 60 units at $134each October 1 balance October 8 purchase October 22 purchase October 15 sale 70 units at $140 each 75 units at $145 each October 29 sale Physical count on October 31 showed that there are 5 units of inventory on hand. Required: 1. Prepare journal entries to record purchases and sales of inventory (all for cash), assuming that Williams Door Co. uses a periodic inventory system, and FIFO inventory valuation method; 2. Prepare the adjusting entry/entries needed as of October 31, 2009. Show supporting calculations!

Problem 1 Inventory data for Williams Door Products Co. for the month of October are as follows: 40 units at $130 each 50 units at $132 each 60 units at $134each October 1 balance October 8 purchase October 22 purchase October 15 sale 70 units at $140 each 75 units at $145 each October 29 sale Physical count on October 31 showed that there are 5 units of inventory on hand. Required: 1. Prepare journal entries to record purchases and sales of inventory (all for cash), assuming that Williams Door Co. uses a periodic inventory system, and FIFO inventory valuation method; 2. Prepare the adjusting entry/entries needed as of October 31, 2009. Show supporting calculations!

Name: culations!Problem 1Inventory data for Williams Door Products Co. for
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Description: culations!Problem 1Inventory data for Williams Door Products Co. for the month of October are as follows:October 1 balance40 units at $130 each50 units at $132 each60 units at $134eachOctober 8 purchaseOctober 22 purchaseOctober 15 sale70 units at $

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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