XYZ Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in youranswer.)Jun 1Beginning inventory 20 units @ $19.00 per unitPurchaseJun 5100 units @ $22.00 per unitJun 8Sale70 units@ selling price $30 per unit80 units @ 22.31 per unitJun 9PurchaseJun 10SaleJun 22 SaleAssuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be:OCashCashSalesCashSalesSales25 units @ selling price $30 per unit40 units @ selling price $30 per unitCost of Goods Sold 549.96InventoryCost of Goods SoldInventoryCost of Goods SoldInventoryNone of the above.750750750550.00750750750549.96750550.00750

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Description: XYZ Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in youranswer.)Jun 1Beginning inventory 20 units @ $19.00 per unitPurchaseJun

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Business

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XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Sale Jun 22 Sale Beginning inventory 20 units @ $19.00 per unit Purchase 100 units @ $22.00 per unit Sale Purchase 70 units@ selling price $30 per unit 80 units @ 22.31 per unit 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales 750 Cost of Goods Sold 549.96 Inventory Sales 750 750 Cost of Goods Sold Inventory Cost of Goods Sold 750 Inventory None of the above. 550.00 750 750 549.96 750 550.00 750

XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Sale Jun 22 Sale Beginning inventory 20 units @ $19.00 per unit Purchase 100 units @ $22.00 per unit Sale Purchase 70 units@ selling price $30 per unit 80 units @ 22.31 per unit 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales 750 Cost of Goods Sold 549.96 Inventory Sales 750 750 Cost of Goods Sold Inventory Cost of Goods Sold 750 Inventory None of the above. 550.00 750 750 549.96 750 550.00 750

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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