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Category > Accounting Posted 13 May 2017 My Price 6.00

Journalize Thames’ inventory transactions for the year under

E6-28B (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Thames Corporation yield the following data for the year ended March 31, 2012:

 

 

 

Inventory,   March   31,   2011 ......................................................................

$  9,000

Purchases of inventory (on account).........................................................

48,000

Sales of inventory—79% on account; 21% for cash (cost $38,000) .........

72,000

Inventory at FIFO, March 31,    2012 .........................................................

19,000

 

 

 

â–¶ Requirements

1.    Journalize Thames’ inventory transactions for the year under the perpetual system.

 

2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 11:05 AM My Price 6.00

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Attachments

file 1494673540-1398873_1_636301955066014526_Perpetual-Inventory-transacions.xlsx preview (153 words )
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