Question
Recording Purchase Entry Using Relative Sales Value Method Bick Company purchased 2,080 bushels of ungraded apricots for $4,320. The apricots were sorted as follows: grade
Recording Purchase Entry Using Relative Sales Value Method
Bick Company purchased 2,080 bushels of ungraded apricots for $4,320. The apricots were sorted as follows: grade A, 800 bushels; grade B, 560 bushels; and grade C, 720 bushels. The current market prices for graded apricots follow: grade A, $5 per bushel; grade B, $3 per bushel; and grade C, $1 per bushel. The company uses a perpetual inventory system. Prepare the entry to record the purchase on account.
Round your final answers to the nearest penny.
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Management Accounting For Business Decisions
Authors: Colin Drury
2nd Edition
1861527705, 978-1861527707
