Question
Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during
Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year:
January 14 Sold 380 units at unit sales price of $30 on account.
April 9 Purchased 370 additional units at a per unit cost of $10 on account.
September 2 Sold 320 units at a sales price of $35 on account.
December 31 Counted inventory and determined 130 units were still on hand.
Required: Record each transaction, assuming that Kangaroo Jim Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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