Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

INVENTORY COST FLOW: part 1 Inventory related transactions for the month of January. Use to solve the next several questions. Jan 1: Beginning Inventory: 2,000

image text in transcribed
INVENTORY COST FLOW: part 1 Inventory related transactions for the month of January. Use to solve the next several questions. Jan 1: Beginning Inventory: 2,000 units at $4 cost per unit. Jan 8: Sold 1,000 units to a customer at a SALES PRICE of $9 per unit. Jan 12: Purchase from supplier: 4,000 units at $6 PURCHASE PRICE per unit. Jan 22: Sold 3,000 units at a sales price of $11 per unit. Jan 25: Purchase from supplier 3,000 units at $7 purchase price per unit. Jan 27: Sold 2,000 units at a sales price of $13 per unit. You should leave off the "s" when entering your answer. If you forget I will manually adjust your grade later as Canvas will mark it wrong, 1) Calculate GOODS AVAILABLE for the month in DOLLARS $ 2) Calculate GOODS AVAILABLE FOR SALE for the month in UNITS (QUANTITY) 3) Calculate TOTAL SALES for the month in DOLLARS $ 4) Calculate TOTAL SALES for the month in UNITS (QUANTITY) 5) Calculate ENDING INVENTORY in UNITS (QUANTITY YOU MAY USE THE FORMAT/PROCESS I SHOWED WHEN SOLVING EXAMPLES, OR YOUR OWN FORMAT PLEASE CLEARLY LABEL THESE CALCULATIONS SHOULD BE INCLUDED IN YOUR PDF UPLOAD

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Current Issues In Auditing Fraternity Modern Auditing And Auditors Issues

Authors: Nancy Myle

1st Edition

B0BCSDPYMD, 979-8849756974

More Books

Students also viewed these Accounting questions

Question

2. Clearly identify time constraints.

Answered: 1 week ago

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago

Question

1. Does your voice project confidence? Authority?

Answered: 1 week ago