You are provided with the following credit sales and credit purchase transactions for Global Inc. Global Inc. uses the periodic System of accounting for its inventory transactions. March 1/ Beginning inventory 2.000 liters at a cost of S0.60 per liter. March 3/ Purchased 2.500 liters at a cost of $0.65 per liter. March 5/ Sold 2,300 liters for $1.05 per liter. March 10/ Purchased 4,000 liters at a cost of $0.72 per liter. March 20/ Purchased 2,500 liters at a cost of S0.80 per liter. March 30/ Sold 5.200 liters for $1.25 per liter. Additional information: a. The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase: and b. The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2.900 liters from March 10: 1,300 liters from March 20.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You are provided with the following credit sales and credit purchase transactions for
Global Inc. Global Inc. uses the periodic System of accounting for its inventory
transactions.
March 1/ Beginning inventory 2,000 liters at a cost of $0.60 per liter.
March 3/ Purchased 2,500 liters at a cost of $0.65 per liter.
March 5/ Sold 2,300 liters for $1.05 per liter.
March 10/ Purchased 4,000 liters at a cost of $0.72 per liter.
March 20/ Purchased 2,500 liters at a cost of $0.80 per liter.
March 30/ Sold 5,200 liters for $1.25 per liter.
Additional information:
a. The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory
and 1,300 liters from the March 3 purchase: and
b. The March 30 sale consisted of the following number of units sold from beginning
inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900
liters from March 10: 1,300 liters from March 20.
Transcribed Image Text:You are provided with the following credit sales and credit purchase transactions for Global Inc. Global Inc. uses the periodic System of accounting for its inventory transactions. March 1/ Beginning inventory 2,000 liters at a cost of $0.60 per liter. March 3/ Purchased 2,500 liters at a cost of $0.65 per liter. March 5/ Sold 2,300 liters for $1.05 per liter. March 10/ Purchased 4,000 liters at a cost of $0.72 per liter. March 20/ Purchased 2,500 liters at a cost of $0.80 per liter. March 30/ Sold 5,200 liters for $1.25 per liter. Additional information: a. The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase: and b. The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10: 1,300 liters from March 20.
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