Reference no: EM132557052
AliCO Inc. is a wholesale company that buys production-grade molasses in large quantities directly from the distiller. It stores molasses in a large tank farm and then resells the molasses to rum distillers to make high-grade rum. It uses the perpetual inventory system to keep track of the units of each part it buys and re-sells. During the month of November, the following transactions took place:
11/1
Balance: 8,000 gallons. @ $4.00/ut
11/2
Purchased: 10,000 gallons. @ $4.75/ut
11/11
Purchased: 6,000 gallons. @ $5.00/ut
11/12
Purchased: 3,000 gallons. @ $5.25/ut
11/15
Sold 23,000 gallons for a total sales price of $322,000.
11/18
Sold 2,000 gallons. for $11.00 ea.
11/19
Purchased: 5,000 gallons. @ $5.75/gallon
11/22
Sold 3,000 gallons. for $10.00 ea.
Question A. Using the FIFO method of costing inventory, complete the inventory record provided.
Question B. Make the journal entries to record the purchase on 11/2 and the sale on 11/15. Assume the purchase and sale are made on credit
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: Make the journal entries to record the purchase on 11/2 and the sale on 11/15. Assume the purchase and sale are made on credit.
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