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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 ANSWERED

Oct 07, 2020

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