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Tesco Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2018, the number of gadgets purchased and sold was as
Tesco Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2018, the number of gadgets purchased and sold was as follows: Pwchased Sold Balance in inventory Dote Units Unit cost Total $ Units Unit cost Tota $ Units Unit cost Total $ 300 Jan. 1 3 500 100 3.50 4.50 5.00 8 10 400* 15 100 5 20 200** 27 100 Assume the January 10 units were sold on account for 20 each, and the January 20 units were sold on account for 22 each. *for specificidentification, sold 150 units of January 1 purchase, 150 units of the January 3 purchase and 100 from January 8 purchase. **for specificidentification, sold 50 units of January 1 purchase and 150 units from January 3 purchase
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