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solve this question according to GAAP canadian standard Question 3 (14 points] The United Corporation company has the following purchases and sales during the year
solve 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 Sales Specific Units Sold Beginning: 200 units @ $46/unit April 16:200 units April 16: 150 units from beginning inventory March 20: 200 units @ $42/unit July 20: 200 units 50 units from the March 20 purchase June 11: 200 units @ $44/unit 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 GJE Date Account Explanation F Debit Credit 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 GJE Date Account Explanation F Debit Credit +Step by Step Solution
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