- Purple Ltd Has The Following Transaction During 2021 1 February 2 The Company Purchased 800 Inventory S6 Coch Fon Cr 1 (26.73 KiB) Viewed 56 times
Purple Ltd. has the following transaction during 2021 1. February 2: The
Company purchased 800 inventory S6 coch. fon credit) April 6: The
Company sold 20% of the inventory for $7 each. (by cash) 2 Required:
Question 1: How much (Samount) inventory was purchased by the
Company on February 2. (2 points)
Question 2: How much (Samount) revenue does the
Company had on April 6. (2 points)
Question 3: How much is the cost of Goods sold. (2 points)
Question 4: Show the double journal entries. (6 points)
Question 5: If the
Company had an opening inventory with $900, How much (Samount) would be the closing inventory. (2 points) Use the table below for double journal entries. The number of rows in the table does not necessarily match the number of rows to be used. Meaning: there could be additional lines.