PROBLEM 16-4B Baylor Company's beginning inventory of D520 is 150 units at a cost of $89 each. Dates of purchases and sales for a three-month period are as follows: Purchases Sales Cost per Unit Units Price per Unit Date Units Jan. 16 225 $90.50 70 $105.00 18 130 105.00 29 Feb. 170 92.00 120 107.00 11 17 200 95.00 160 112.00 27 90 112.00 Mar. 9. 14 120 97.50 70 112.00 22 65 112.80 29 Baylor Company maintains a perpetual inventory record using the first-in, first-ou method. The minimum number of units allowed in inventory is 130; the maximum 450. Data for January are recorded in the Working Papers. Required 1. Record the data for purchases and sales of item D520 and for cost of goods sold in a perpetual inventory record using the first-in, first-out method for the months of February and March. 2. Determine the total cost of goods sold during the three-month period. 3. Determine the total sales for the three-month period.

PROBLEM 16-4B Baylor Company's beginning inventory of D520 is 150 units at a cost of $89 each. Dates of purchases and sales for a three-month period are as follows: Purchases Sales Cost per Unit Units Price per Unit Date Units Jan. 16 225 $90.50 70 $105.00 18 130 105.00 29 Feb. 170 92.00 120 107.00 11 17 200 95.00 160 112.00 27 90 112.00 Mar. 9. 14 120 97.50 70 112.00 22 65 112.80 29 Baylor Company maintains a perpetual inventory record using the first-in, first-ou method. The minimum number of units allowed in inventory is 130; the maximum 450. Data for January are recorded in the Working Papers. Required 1. Record the data for purchases and sales of item D520 and for cost of goods sold in a perpetual inventory record using the first-in, first-out method for the months of February and March. 2. Determine the total cost of goods sold during the three-month period. 3. Determine the total sales for the three-month period.

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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