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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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DATE ANSWEREDOct 07, 2020
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