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Category > Accounting Posted 01 May 2017 My Price 8.00

Show how to account for inventory transactions

E6-15A (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Dundas Corporation yield the following data for the year ended June 30, 2012:

 

 

 

Inventory,   June   30,    2011..........................................................................

$10,000

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

46,000

Sales of inventory—83% on account; 17% for cash (cost $39,000) .........

75,000

Inventory  at  FIFO,  June  30, 2012 ............................................................

17,000

 

 

 

â–¶ Requirements

1. Journalize Dundas’ 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 01 May 2017 04:05 PM My Price 8.00

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Attachments

file 1493657784-1398860_1_636291896489459417_Inventory-records-perpetual.xlsx preview (110 words )
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