Assignment: Merchandising Operations

Choi Company has the following inventory information.

Date	Activity	Units Acquired at Cost	Units Sold at Retail
	Beginning Inventory	150 units @ $300
June 7	Purchase	350 units @ $350
June 9	Sales		180 units @$1,200 per unit
June 17	Purchases	80 units @ $450
June 28	Purchases	100 units @ $458
June 30	Sales		300 units @ $1,400 per unit

Instructions

1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.
3. Under the periodic inventory system, record journal entries for purchases on account.
4. Under the periodic inventory system, record journal entries for sales invoiced.

Here is the table for parts 3 and 4:

Date	Description	PR	Debit	Credit