Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $2 = $ 400 January 3 Sales 126 units @ $ 8 February 14 Purchase 318 units @ $3 = $ 954 February 15 Sales 220 units @ $ 8 June 30 Purchase 250 units @ $4 = $ 1,000 November 6 Sales 182 units @ $ 8 November 19 Purchase 84 units @ $5 = $ 420 Totals 852 units $ 2,774 528 units Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $2 = $ 400 January 3 Sales 126 units @ $ 8 February 14 Purchase 318 units @ $3 = $ 954 February 15 Sales 220 units @ $ 8 June 30 Purchase 250 units @ $4 = $ 1,000 November 6 Sales 182 units @ $ 8 November 19 Purchase 84 units @ $5 = $ 420 Totals 852 units $ 2,774 528 units Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tree Seedlings has the following current-year purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 200 units @ $2 = $ 400
January 3 Sales 126 units @ $ 8
February 14 Purchase 318 units @ $3 = $ 954
February 15 Sales 220 units @ $ 8
June 30 Purchase 250 units @ $4 = $ 1,000
November 6 Sales 182 units @ $ 8
November 19 Purchase 84 units @ $5 = $ 420
Totals 852 units $ 2,774 528 units
Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
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