(Answered)-Craig Company uses a perpetual inventory system for its one

Craig Company uses a perpetual inventory system for its one product. Its beginning inventory, purchases, and sales during calendar year 2011 follow.

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Date	Activity	Units Acquired at Cost	Units Sold at Retail	Unit Inventory
Jan. 1	Beg. Inventory	400 units @ $14 5 $ 5,600	?	400 units
Jan. 15	Sale	?	200 units @ $30	200 units
10-Mar	Purchase	200 units @ $15 5 $ 3,000	?	400 units
1-Apr	Sale	?	200 units @ $30	200 units
9-May	Purchase	300

PERPETUAL INVENTORY SYSTEM

 

 

DR ($)

 

 

CR ($)

 

 

Opening of accounts -Jan 1st

 

Inventory A/C - balance b/f

 

 

5600

 

 

Sales- Jan 15

 

Accounts receivables a/c 200@$30

 

Revenue a/c

 

 

6000

 

 

200@$30

 

 

Cost of goods...

 

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Oct 07, 2020

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