Given: June | transaction| # of units| per unit| total 1: inventory 500 $ 30 $15

Question

Given:

June | transaction| # of units| per unit|  total

1:         inventory        500        $ 30      $15,000

10:       purchase      1,500     $34        $51,000

28:        sale               750        $50        $37,500

30         sale              250        $52         $13,000

July

5:           sale             100       $55          $5,500

10:          purchase   3,600   $35          $126,000

16:           sale          1,800    $56           $100,800

28:          sale         1,700     $60            $102,000

Aug        

5:          purchase   3,000   $35.80       $107,400

14:       sale             2,000    $60            $120,000

25:       purchase     500      $36            $18,000

30:        sale           1,750     $60            $105,000

Explanation / Answer

1) ENDING INVENTORY

500*30 = 15000

250*34 = 8500

TOTAL = $23500

2) PURCHASES = $302400

3) COST OF SALES = $293900

4) SALES = $483800

5) PROFIT = 483800-293900 = $189900

JUINE TRANSACTION NO OF UNITS PER UNIT COST TOTAL BALANCE UNITS BALANCE PER UNIT COST BALANCE AMOUNT 1 OPENING BAL 500 30 15000 500 30 15000 10 PURCHASES 1500 34 51000 1500 34 51000 28 SALES 750 50 37500 750 34 25500 30 SALES 250 52 13000 250 34 8500 JULY 5 SALES 100 55 5500 100 34 3400 10 PURCHASES 3600 35 126000 3600 35 126000 16 SALES 1800 56 100800 1800 35 63000 28 SALES 1700 60 102000 1700 35 59500 AUG 5 PURCHASES 3000 35.8 107400 3000 35.8 107400 14 SALES 2000 60 120000 2000 35.8 71600 25 PURCHASES 500 36 18000 500 36 18000 30 SALES 1750 60 105000 500 36 18000 1000 35.8 35800 100 35 3500 150 34 5100 BALANCE 750 23500

Related Questions

Navigate

• Browse (All)
• Browse G
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.