Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Stannard PC Plus, Inc. repairs & sells new computers. The ending balance in the inventory account on September 30, 2012 was 9 units at
Stannard PC Plus, Inc. repairs & sells new computers. The ending balance in the inventory account on September 30, 2012 was 9 units at $225 per unit. The company uses a perpetual inventory system and has the following transactions during October 2012 Date Description Quantity Cost Per Oct 4 Purchase 8 $255 Oct 11 Sold 9 Oct 17 Purchase 42 $270 Oct 22 Sold 4 Oct 26 Purchase 18 $235 44 Oct 30 Sold Create a perpetual inventory record assuming Specific Identification inventory costing. Instructions for specific identification method: 1. Of the 9 items that were sold on October 11; 2 of them were sold from the beginning inventory and 7 of the were sold from the October 4th purchase. 2. The 4 items that were sold on October 22 were sold from the October 17th purchase 3. Of the 44 items that were sold on October 30, 7 of them were sold from the beginning inventory, I was sold from the October 4th purchase, 27 were sold from the October 17th purchase, and 9 were sold from the October 26th purchase Purchases Cost of Goods Sold itory on Hand Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cos Oct 1 Oct 4 = Oct 11 Q Search hp
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started