See The Transactions In The Picture Presented A Record The Journal Entries Of The Transactions On Nov 6th Assuming Th 1 (48.37 KiB) Viewed 98 times
a. Record the journal entries of the transactions on Nov
6th, (Assuming the purchase is on credit, 4 points)
b. How much is the merchandise sold using perpetual LIFO method?
(Show the calculations, 4 points)
c. How much is the gross profit in November?
Nov 1 Nov 6 Nov 14 Nov 19 Nov 25 Nov 30 Inventory 140 units at $25 Credit Sales 60 units at $30 (Selling price) Purchase 100 units at $22 Credit Sales 80 units at $30 (Selling price) Credit Sales 60 units at $30 (Selling price) Purchase 70 units at $20
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!