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

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(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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