Question 11

Marks Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below:

Question 12

Blue Corporation opened a new store on January 1, 2017. During 2017, the first year of operations, the following purchases and sales of inventory were made:

Purchases							Sales
Date		Units			Cost per unit		Date		Units			Price per unit
Jan. 5		12			$1,000		July 4		15			$2,000
June 11		12			1,210		Dec. 29		34			$2,000
Oct. 18		14			1,310
Dec. 20		19			1,470

(a)

Calculate the cost of goods available for sale and the number of units of ending inventory.

Cost of goods available for sale		$
Number of units of ending inventory			units

Prepare the journal entries to record the Marks Music transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)