Question 2Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases ofspecialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases andsales were:DateDetailJune 1Purchased 200 pens at $12 eachSold 350 pens at $20 eachJune 9June 10Purchased 400 pens at $9 eachJune 14Sold 200 pens at $17 eachJune 20Sold 150 pens at $22 eachGJune 28Purchased 250 pens for $15 eachA stocktake at 30 June revealed 448 pens on hand.Required:a) Record the transactions in the general journal using the periodic inventory system.ANSWER a):

A method of inventory valuation for financial reporting purposes that involves performing a physical…

Question 2 Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases and sales were: Date Detail June 1 June 9 Purchased 200 pens at $12 each Sold 350 pens at $20 each Purchased 400 pens at $9 each June 10 June 14 Sold 200 pens at $17 each June 20 Sold 150 pens at $22 each G June 28 Purchased 250 pens for $15 each A stocktake at 30 June revealed 448 pens on hand. Required: a) Record the transactions in the general journal using the periodic inventory system.

Question 2 Bradbury Ptd Ltd uses a first in, first out (FIFO) inventory system to account for its purchases of specialty pens. On 1 June, Bradbury had 300 pens on hand at a cost of $10 per pen. Purchases and sales were: Date Detail June 1 June 9 Purchased 200 pens at $12 each Sold 350 pens at $20 each Purchased 400 pens at $9 each June 10 June 14 Sold 200 pens at $17 each June 20 Sold 150 pens at $22 each G June 28 Purchased 250 pens for $15 each A stocktake at 30 June revealed 448 pens on hand. Required: a) Record the transactions in the general journal using the periodic inventory system.

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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