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Please Do this question according to GAAP Canadian standard Question 3 [14 points] The United Corporation company has the following purchases and sales during the
Please Do this question according to GAAP Canadian standard
Question 3 [14 points] The United Corporation company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 200 units @ $46/unit March 20: 200 units @ $42/unit June 11: 200 units @ $44/unit Sales April 16: 200 units July 20: 200 units Specific Units Sold April 16: 150 units from beginning inventory 50 units from the March 20 purchase July 20: 40 units from beginning inventory 40 units from the March 20 purchase 120 units from the June 11 purchase The units have a selling price of $50.00 per unit. a) Given that United Corporation employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by United Corporation using the specific identification system. Specific Identification Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on June 11, (b) The sale on July 20. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Page GJS Date Account/Explanation F Debit Credit + + 1Step by Step Solution
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