Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year: January 14 Sold 380 units at unit sales price of $30 on account. April 9 Purchased 370 additional units at a per unit cost of $10 on account. September 2 Sold 320 units at a sales price of $35 on account. December 31 Counted inventory and determined 130 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year: January 14 Sold 380 units at unit sales price of $30 on account. April 9 Purchased 370 additional units at a per unit cost of $10 on account. September 2 Sold 320 units at a sales price of $35 on account. December 31 Counted inventory and determined 130 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year:
January 14 Sold 380 units at unit sales price of $30 on account.
April 9 Purchased 370 additional units at a per unit cost of $10 on account.
September 2 Sold 320 units at a sales price of $35 on account.
December 31 Counted inventory and determined 130 units were still on hand.
Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No
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