Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all INVENTORY COST FLOW: part 1 Inventory related transactions for the month of January. Use to solve the next several questions. Jan 1:

Please answer all image text in transcribed
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 $13 per unit. You should leave off the "$" 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)

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

Step: 3

blur-text-image

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

Essential Strategies For Financial Services Compliance

Authors: Annie Mills, Peter Haines

2nd Edition

1118906136, 978-1118906132

More Books

Students also viewed these Accounting questions