Problem 1: A company purchased inventory for $1,100 per unit. The company later sold one unit of the inventory for cash of $2,000. Under the perpetual inventory system, which accounts will be debited to record the Sale?
Problem 2: The selling price of a television is $1,200 and the cost to the retailer is $725. What is the? Retailer's gross profit from the sale of the Television?
Problem 3: Grogan Company purchases inventory on account with a cost of 1,700 and a retail price of $3,400. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
Problem 4: On July 1, Corrao Company purchased $1,400 of inventory on account with credit terms of 44/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July? 5?
Problem 5: A company has a beginning inventory of $ 40000 and purchases during the year of $ 90000. The beginning inventory consisted of 1000 units and 8000 units were purchased during the year. The company has 3000 units left at year end. Under average cost, what is Cost of Goods Sold?
Problem 6: Given the following data, calculate the cost of goods sold using the average minus cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar.
1/1Beginning inventory 70 units at $ 20 per unit
5/10 Purchase of inventory 30 units at $ 40 per unit
10/9 Purchase of inventory 30 units at $ 12 per unit
12/31 Ending inventory 28 units
Problem 7: Tomasino's inventory records show the following data at January 31:
Beginning inventory Jan. 1 90 units at $ 7 per unit
Jan. 10 purchase 300 units at $ 12 per unit
Jan. 22 purchase 90 units at $ 13 per unit
At January 31, 240 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method?
Problem 8: Thelen's inventory records show the following data at January 31:
Beginning inventory Jan. 1 120 units at $ 6 per unit
Jan. 10 purchase 270 units at $ 11 per unit
Jan. 22 purchase 100 units at $ 12 per unit
At January 31, 210 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?
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