15A-2. The RJM Company uses the perpetual inventory system with a subsidi ry (20

Question

15A-2. The RJM Company uses the perpetual inventory system with a subsidi ry (20 min) L01,2 ary ledger for inventory. Enter the following information in the invento balance for product U47. Be sure to keep the balance on hand up-to-date 201X Now. Purchased on account 13 units at a cost of $10 each. (Inventory on hand 5 prior to this purchase was zero units.) Sold 7 units for $15.70 each. (Hint:The inventory record only contains information about the cost of a product, not the selling price!) This is a cash sale Sold 1 unit for $15.70 each. This is a cash sale. Purchased on account 12 additional units at a cost of $10 each. 6 7 10 (20 min) L01,2 15A-3. Journalize and post the preceding transactions (for Exercise 15A-2) using a two-column journal and T accounts.

Explanation / Answer

15A-2

Product U47 Date Purchases Sales Balance in Inventory Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ 201X Nov. 5 13 10 130 13 10 130 6 7 10 70 6 10 60 7 1 10 10 5 10 50 10 12 10 120 17 10 170

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