Summer BBQ uses a perpetual inventory system to record inventory. All purchases and sales of merchandise inventory

Question:

Summer BBQ uses a perpetual inventory system to record inventory. All purchases and sales of merchandise inventory were on account. Company records indicate the following data for the month of June 30, 2024:

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Requirements 

1. Prepare Summer BBQ’s perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that on June 13, the 10 units sold consisted of 5 units that cost $32 each and 5 units that cost $36 each; while, on June 30, the 6 units sold cost $42 each.
2. Journalize the transactions for the month of June 2024.

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Horngrens Financial And Managerial Accounting The Managerial Chapters

ISBN: 9781292412337

7th Global Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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