Inventory Accounting – Exercise With Answer No.5

Exercise Condition: Beginning inventory, purchases and sales data for cell phones for March are: Inventory: March 1 1,000 units at $40 Purchases: March 5 500 units at $42 March 20 450 units at $44 Sales: March 8 700 units March 14 600 units March 31 300 … [Read more...]

Inventory Accounting – Exercise With Answer No.4

Exercise Condition: Hayes Sales had the following transaction for T-shirts for 2008, its first year of operations had the following transactions: January 20 Purchase 450 units @ $6 April 21 Purchased 200 units @ $8 July 25 Purchased 150 units @ $10 Sept. 19 Purchased … [Read more...]

Inventory Accounting – Exercise With Answer No.3

Exercise Condition: The company produces a product with the following costs as of July 1, 2009: Material: $6 Labor: $4 Overhead: $2 Beginning inventory at these costs on July 1 was 5,000 units. From July1 to Dec.1, Convex produced 15,000 units. These units had a … [Read more...]

Inventory Accounting – Exercise With Answer No.2

Exercise Condition: The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the … [Read more...]

Inventory Accounting – Exercise With Answer No.1

Exercise Condition: Balance of inventory on hand is the following (acquisition date, quantity and unit price are indicated): Dec. 7 - 10 units @ $6 cost; Dec 14 - 20 units @ $12 cost; Dec. 21 - 15 units @ $14 cost. Trader sells 15 … [Read more...]