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Argosy University/ Phoniex University/
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Category > Accounting Posted 24 Jul 2017 My Price 11.00

Citrine Co

The beginning inventory of merchandise at Citrine Co. and data on purchases and sales for a three-month period are as follows:

			Number	Per
Date		Transaction	of Units	Unit	Total
March	1	Inventory	132	$1,500	$198,000
	8	Purchase	108	2,000	216,000
	11	Sale	72	4,800	345,600
	22	Sale	66	4,800	316,800
April	3	Purchase	96	2,300	220,800
	10	Sale	60	5,000	300,000
	21	Sale	30	5,000	150,000
	30	Purchase	120	2,350	282,000
May	5	Sale	120	5,250	630,000
	13	Sale	72	5,250	378,000
	21	Purchase	180	2,400	432,000
	28	Sale	90	5,400	486,000

Instructions

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method.

2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.

3. Determine the gross profit from sales for the period.

4. Determine the ending inventory cost.

Answers

Maurice Tutor

(5)

Status NEW Posted 24 Jul 2017 12:07 AM My Price 11.00

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