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Favorites Tools Help Google e) Play Free Games. Save 50% at Del Perks )Suggested Sites.)WebSice Gallery. WhitePages Problem 7-38 Recording Inventory Activity Campbell Candy Company starts the month of lanuary with 40 bowes of Tiger Bars cocting $20 each. The fellowing transactions occured daring the months an. 4 Paid freight costs of $30 on Jansary 2 purchase lan 10 Sold 4S bofor 540 each 27 Pardased 10 additicnal boes on account for 523a Required: a Prepare all necessary jyoumal entries reiated to Campbelr's inventory activity, Campbel unses a perpetual inventory syatem and the Firo inventory costing m Jan 2 Jan. 4

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Answer:

Date Account titles Debit Credit Jan-02 By Inventory 330 To Cash 330 (Purchased 15 units @ of $22) Jan-04 By Inventory 30 To Cash 30 (Freight cost incurred of $30) Jan-10 By Cash 1800 To Sales 1800 (Sold 45 units @ $40 per unit) By Cost of goods sold To Inventory 910 (Cost of inventory sold: 910 (40 units@$20 & 5 units @ $22) Jan-27 By Inventory 230 To Accounts Payble 230 (Purchased 10 units @ of $23)

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