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Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of...

Option #1: Inventory Entries Practice Exercises

Below is a record of the purchases and sales of inventory throughout the first four months:

Units

Cost/Price Per Unit

1/1/x7 Beginning Balance

100

$3.50

1/31/x7 Purchase

125

$4.00

2/15/x7 Purchase

250

$4.50

2/25/x7 Sale

150

$7.75

3/10/x7 Purchase

300

$5.00

3/31/x7 Purchase

75

$5.50

4/10/x7 Sale

225

$8.25

4/15/x7 Purchase

100

$6.00

4/30/x7 Sale

350

$8.50

Requirements:

  1. How many units were available for sale throughout the year?
  2. What was the total value of all goods available for sale throughout the year?
  3. How many physical units were sold?
  4. How many physical units are in ending inventory?
  5. What is the total sales value for all three sales?

Units

Price Per Unit

Total

2/25/x7 Sale

4/10/x7 Sale

4/30/x7 Sale

Total

Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

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Answer #1

Calculation of No of units were available for sale and their value throughout the year Units Cost/Price Per Unit Amount 1/1/x7 Beginning Balance 1/31/x7 Purchase 2/15/x7 Purchase 3/10/x7 Purchase 3/31/x7 Purchase 4/15/x7 Purchase 100.00 $3.50 125.00 $4.00 250.00 $4.50 300.00 $5.00 75.00 $5.50 100.00 $6.00 950.00 $350.00 $500.00 $1,125.00 $1,500.00 $412.50 $600.00 $4,487.50No of units in Ending inventory Units 1/1/x7 Beginning Balance 1/31/x7 Purchasee 2/15/x7 Purchase 2/25/x7 Sale 3/10/x7 Purchase 3/31/x7 Purchase 4/10/x7 Sale 4/15/x7 Purchase 4/30/x7 Sale Ending Inventory 100.00 125.00 250.00 (150.00) 300.00 75.00 (225.00) 100.00 (350.00) 225.00Calculation of No of units and its value Units Cost/Price Per Unit Total 2/25/x7 Sale 4/10/x7 Sale 4/30/x7 Sale Total 150.00 $7.75 225.00 $8.25 350.00 $8.50 725.00 $1,162.50 $ 1,856.25 $ 2,975.00 $ 5,993.75

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