Question
Complete the Inventory Control Account for the following short exercise ssuming the FIFO assumption is adopted: June 1 Balance in the Inventory Control Account is
- Complete the Inventory Control Account for the following short exercise ssuming the FIFO assumption is adopted:
June 1 Balance in the Inventory Control Account is 300 Units @ $100 each = $30,000
June 3 Sold 220 units on credit for $350 each
June 7 Purchased 250 units @ $120 each from Bumper Consolidated payable on terms 5/7, n/30.
June 14 Sold 180 units for cash $400 per unit.
June 21 Purchased an additional 200 units on credit from Bumper Consolidated at $130 per unit
June 25 Paid Bumper Consolidated for 250 units within the discount period
June 28 Sold 200 units at $420 each
June 30 Undertook a physical stocktake and found 140 units on hand
General Ledger Inventory Bumper Consolidated
| Date | Particulars | $ | Date | Particulars | $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Strategies For Small Audit Shops
Authors: David O'Regan
2nd Edition
0894134701, 978-0894134708
