unsolved questions:

1. Complete the Inventory Control Account for the following short exercise assuming the FIFO assumption is adopted:

June 1 Balance in the Inventory Control Account is 300 Units @ $100 each = $30,000

June 3 Sold 220 units on credit for $350 each

June 7 Purchased 250 units @ $120 each from Bumper Consolidated payable on terms 5/7, n/30.

June 14 Sold 180 units for cash $400 per unit.

June 21 Purchased an additional 200 units on credit from Bumper Consolidated at $130 per unit

June 25 Paid Bumper Consolidated for 250 units within the discount period

June 28 Sold 200 units at $420 each

June 30 Undertook a physical stocktake and found 140 units on hand