Question
Need help with perpetual inventory record chart and journal entries for total sales and total cost of goods sold on account. Thanks!! The beginning inventory
Need help with perpetual inventory record chart and journal entries for total sales and total cost of goods sold on account. Thanks!!
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 2,500 $60.00 $150,000
10 Purchase 7,500 68.00 510,000
28 Sale 3,750 120.00 450,000
30 Sale 1,250 120.00 150,000
Feb. 5 Sale 500 $120.00 $60,000
10 Purchase 18,000 70.00 1,260,000
16 Sale 9,000 125.00 1,125,000
28 Sale 8,500 125.00 1,062,500
Mar. 5 Purchase 15,000 71.60 1,074,000
14 Sale 10,000 125.00 1,250,000
25 Purchase 2,500 72.00 180,000
30 Sale 8,750 125.00 1,093,750
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