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:

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.

Transcribed Image Text:

Date June 1 5 13 23 30 Item Beginning merchandise inventory Purchase Sale Purchase Sale Quantity Unit Cost Unit Sale Price 6 8 10 14 6 $32 36 42 $98 98