E6-29 (Static) (Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems [LO 6-S2] Skip to question [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: January 14 Sold 25 units at unit sales price of $45 on account. April 9 Purchased 15 additional units at a per unit cost of $25 on account. September 2 Sold 50 units at a sales price of $50 on account. December 31 Counted inventory and determined 40 units were still on hand. Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the sale of 25 units at $45 on account. Record the cost of goods sold, if needed, for the sale of 25 units at $45 on account. Record the purchase of 15 additional units at a per unit cost of $25 on account. Record the sale of 50 units at $50 on account. Record the cost of goods sold, if needed, for the sale of 50 units at $50 on account. Record the end of period adjustment, if needed, to determine the amount of cost of goods sold.
E6-29 (Static) (Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems [LO 6-S2] Skip to question [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: January 14 Sold 25 units at unit sales price of $45 on account. April 9 Purchased 15 additional units at a per unit cost of $25 on account. September 2 Sold 50 units at a sales price of $50 on account. December 31 Counted inventory and determined 40 units were still on hand. Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the sale of 25 units at $45 on account. Record the cost of goods sold, if needed, for the sale of 25 units at $45 on account. Record the purchase of 15 additional units at a per unit cost of $25 on account. Record the sale of 50 units at $50 on account. Record the cost of goods sold, if needed, for the sale of 50 units at $50 on account. Record the end of period adjustment, if needed, to determine the amount of cost of goods sold.
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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E6-29 (Static) (Supplement 6B) Recording Purchases and Sales Using Perpetual and Periodic Inventory Systems [LO 6-S2]
Skip to question
[The following information applies to the questions displayed below.]
Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It had the following purchase and sales transactions during the year:
January 14 | Sold 25 units at unit sales price of $45 on account. |
---|---|
April 9 | Purchased 15 additional units at a per unit cost of $25 on account. |
September 2 | Sold 50 units at a sales price of $50 on account. |
December 31 | Counted inventory and determined 40 units were still on hand. |
Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No
- Record the sale of 25 units at $45 on account.
- Record the cost of goods sold, if needed, for the sale of 25 units at $45 on account.
- Record the purchase of 15 additional units at a per unit cost of $25 on account.
- Record the sale of 50 units at $50 on account.
- Record the cost of goods sold, if needed, for the sale of 50 units at $50 on account.
- Record the end of period adjustment, if needed, to determine the amount of cost of goods sold.
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