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

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

View Full Document Right Arrow Icon
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
Background image of page 1

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

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3

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

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

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

View Full DocumentRight Arrow Icon
Background image of page 6
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 Right Arrow Icon
Ask a homework question - tutors are online