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Prepare the journal entries to update the inventory records

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Oct. 1 Beginning inventory ...................................................... 5 units @ $160 =$ 800

OCT 8 Purchase........................................................................ 4 units @ 160 =640

OCT 15 Purchase........................................................................ 11 units @ 170 =1,870

OCT 26 Purchase........................................................................ 5 units @ 180 =900

1. Total October purchases in one summary entry. All purchases were on credit.

2. Total October sales in a summary entry. Assume that the selling price was $300 per unit and that all sales were on credit.

3. October 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account. Assume it is year end.

Problem a: Prepare the journal entries to update the inventory records.

Reference no: EM132818406

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