contestada

Marin Company uses a perpetual inventory system. Its beginning inventory consists of 65 units that cost $44 each. During June, (1) the company purchased 195 units at $44 each, (2) returned 8 units for credit, and (3) sold 163 units at $65 each.

Respuesta :

hyderali230

Answer:

                                              Dr.               Cr.

(1)

The company purchased

195 units at $44 each

Inventory (195 x 44)            8,580

Account Payable / Cash                      8,580

(2)

Returned 8 units

for credit

Account Payable / Cash      352

Inventory (8 x 44)                                    352

(3)

Sold 163 units

at $65 each.

Account receivable / Cash  10,595

Sales ( 163 x 65 )                                     10,595

Cost of Goods sold                7,172  

Inventory                                                   7,172

Inventory Account:                    Dr.            Cr.            Balance

Opening Balance ( 65 x $44 )                                      $2,860

(1) Purchase                              $8,580                         $11,440

(2) Purchase Return                                  $352           $11,088

(3) Sale                                                       $7,172         $3,916

Inventory Closing Value is $3,916.

Otras preguntas