# Ch07P1A - 50 units from August 21 purchases Total sold 565...

This preview shows pages 1–6. Sign up to view the full content.

Problem 7-1A Hall Company Using a perpetual inventory system determine: Jan. 1 Beginning inventory 500 units @ \$45 = Feb. 10 Purchases 250 units @ 42 = FIFO Aug. 21 Purchases 130 units @ 50 = Purchases Sales Balance Totals Date Units Cost Total Units Cost Total Units Cost Sales information: Mar. 15 Sales 330 units @ \$75 Sept. 10 Sales 235 units @ 75 The 535 units were specifically sold as follows: Mar. 15 Sales = 330 units 170 units from beginning inventory, and 160 units from the February 10 purchase Sept 10 Sales = 235 units 165 units from the beginning inventory 20 units from February 10 purchases

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 50 units from August 21 purchases Total sold 565 Totals \$- \$- LIFO Purchases Sales Balance Date Units Cost Total Units Cost Total Units Cost Totals \$- \$- Weighted Average Purchases Sales Balance Date Units Cost Total Units Cost Total Units Cost Totals \$- \$- Specific Identification Purchases Sales Balance Date Units Cost Total Units Cost Total Units Cost Totals \$- \$- 3. General Journal Date Accounts and explanation PR Debit Credit Dec. 31 Total \$- Total \$- Total \$- Total \$-...
View Full Document

## This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.

### Page1 / 6

Ch07P1A - 50 units from August 21 purchases Total sold 565...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online