The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number of Units 7,500 Date Jan. 1 10 28 30 Feb. 5 10 16 Mar. 5 Transaction 14 Inventory Purchase Sale Sale Sale Purchase 28 Sale Sale Purchase Sale 22,500 54,000 Per Unit $75.00 11,250 150.00 3,750 150.00 1,500 150.00 27,000 85.00 87.50 160.00 25,500 160.00 45,000 30,000 160.00 89.50 Total $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number of Units 7,500 Date Jan. 1 10 28 30 Feb. 5 10 16 Mar. 5 Transaction 14 Inventory Purchase Sale Sale Sale Purchase 28 Sale Sale Purchase Sale 22,500 54,000 Per Unit $75.00 11,250 150.00 3,750 150.00 1,500 150.00 27,000 85.00 87.50 160.00 25,500 160.00 45,000 30,000 160.00 89.50 Total $562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...
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