Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $2 = $ 400 January 3 Sales 126 units @ $ 8 February 14 Purchase 318 units @ $3 = $ 954 February 15 Sales 220 units @ $ 8 June 30 Purchase 250 units @ $4 = $ 1,000 November 6 Sales 182 units @ $ 8 November 19 Purchase 84 units @ $5 = $ 420 Totals 852 units $ 2,774 528 units Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $2 = $ 400 January 3 Sales 126 units @ $ 8 February 14 Purchase 318 units @ $3 = $ 954 February 15 Sales 220 units @ $ 8 June 30 Purchase 250 units @ $4 = $ 1,000 November 6 Sales 182 units @ $ 8 November 19 Purchase 84 units @ $5 = $ 420 Totals 852 units $ 2,774 528 units Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.23MCE
Related questions
Question
Tree Seedlings has the following current-year purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 200 units @ $2 = $ 400
January 3 Sales 126 units @ $ 8
February 14 Purchase 318 units @ $3 = $ 954
February 15 Sales 220 units @ $ 8
June 30 Purchase 250 units @ $4 = $ 1,000
November 6 Sales 182 units @ $ 8
November 19 Purchase 84 units @ $5 = $ 420
Totals 852 units $ 2,774 528 units
Record journal entries for Tree Seedlings’ sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub