Question
. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20X9 are:
. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20X9 are:
Purchases Sales
February 23, 20X9 1,200 @ $13
March 1, 20X9 1,500 @ $22
May 15, 20X9 300 @ $14
June 23, 20X9 400 @ $25
November 21, 20X9 500 @ $11
December 24, 20X9 600 @ $35
- Prepare the journal entries that should be recorded for the three sales.
- What does Pendulum report as ending inventory on its balance sheet?
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Development Of Accounting And Auditing Systems In China
Authors: Xu-Dong Ji
1st Edition
0415792886, 978-0415792882
