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Better Boat Company is a service based company that rents canoes for use on local lakes and rivers during 2 0 2 4 . In

Better Boat Company is a service based company that rents canoes for use on local lakes and rivers during 2024. In addition to rental serices, at the beginning of January 2025, Better Boat Company decided to carry and sell T-shirts with its logo printed on them. Better Boat Company uses the perpetual inventory system to account for the inventory. During February 2025, Better Boat Company completed the following merchandising transactions:
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Feb. 2 Sold 80 T-shirts at $22 each.
Feb. 5 Purchased 70 T-shirts at $5 each.
Feb. 7 Sold 65 T-shirts for $22 each.
Feb. 8 Sold 35 T-shirts for $22 each. .
Better Boat Company realized the inventory was running low, so it placed a rush order and
Feb. 10 purchased 35 T-shirts. The premium cost for these shirts was $8 each.
Feb. 12 Placed a second rush order and purchased 55 T-shirts at $8 each.
Feb. 13 Sold 35 T-shirts for $22 each.
Feb. 15 Purchased 70 T-shirts for $5 each.
In order to avoid future rush orders, purchased 120 T-shirts. Due to the volume of the order,
Feb. 20 Better Boat Company was able to negotiate a cost of $4 each.
Feb. 21 Sold 15 T-shirts for $22 each.
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Feb. 22 Sold 70 T-shirts for $22 each.
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