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 120 units @ $2 = $ 240 January 3 Sales 94 units @ $ 8 February 14 Purchase 174 units @ $3 = $ 522 February 15 Sales 140 units @ $ 8 June 30 Purchase 170 units @ $4 = $ 680 November 6 Sales 134 units @ $ 8 November 19 Purchase 52 units @ $5 = $ 260 Totals 516 units $ 1,702 368 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. Record the sale of goods. 2 Record the cost of sale. 3 Record the purchase of inventory. 4 Record the sale of goods. 5 Record the cost of sale. 6 Record the purchase of inventory. 7 Record the sale of goods. 8 Record the cost of sale. 9 Record the purchase of inventory.
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 120 units @ $2 = $ 240 January 3 Sales 94 units @ $ 8 February 14 Purchase 174 units @ $3 = $ 522 February 15 Sales 140 units @ $ 8 June 30 Purchase 170 units @ $4 = $ 680 November 6 Sales 134 units @ $ 8 November 19 Purchase 52 units @ $5 = $ 260 Totals 516 units $ 1,702 368 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. Record the sale of goods. 2 Record the cost of sale. 3 Record the purchase of inventory. 4 Record the sale of goods. 5 Record the cost of sale. 6 Record the purchase of inventory. 7 Record the sale of goods. 8 Record the cost of sale. 9 Record the purchase of inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | 120 | units | @ $2 | = | $ 240 | |||
| January 3 | Sales | 94 | units | @ $ 8 | |||||
| February 14 | Purchase | 174 | units | @ $3 | = | $ 522 | |||
| February 15 | Sales | 140 | units | @ $ 8 | |||||
| June 30 | Purchase | 170 | units | @ $4 | = | $ 680 | |||
| November 6 | Sales | 134 | units | @ $ 8 | |||||
| November 19 | Purchase | 52 | units | @ $5 | = | $ 260 | |||
| Totals | 516 | units | $ 1,702 | 368 | units |
Record
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Record the sale of goods.
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2Record the cost of sale.
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3Record the purchase of inventory.
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4Record the sale of goods.
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5Record the cost of sale.
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6Record the purchase of inventory.
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7Record the sale of goods.
-
8Record the cost of sale.
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9Record the purchase of inventory.
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