Accounting records for Dunda’s Corporation yield the following da ta for the year ended June 30, 2012:Journalize Dunda s’ inventory transactions for the year under the perpetual system. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statements. Inventory, June 30, 2011...Purchases of inventory (on account).$10,00046,000Sales of invenſtory–83% on account; 17% for cash (cost $39,000)75,000Inventory at FIFO, June 30, 201217,000

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Accounting records for Dunda’s Corporation yield the following da ta for the year ended June 30, 2012:

Journalize Dunda s’ inventory transactions for the year under the perpetual system.
Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statements.

Inventory, June 30, 2011...
Purchases of inventory (on account).
$10,000
46,000
Sales of invenſtory–83% on account; 17% for cash (cost $39,000)
75,000
Inventory at FIFO, June 30, 2012
17,000

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