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What is the ending inventory balance for the year

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Question - Overland Inc. starts buying and selling widgets this year. A box of 100 widgets can be bought for $600 on credit. Transportation to receive each box of widgets costs an additional $50 in cash. Overland uses a perpetual inventory system.

Make journal entries for the following transactions.

January 15-bought 4 boxes of widgets

February 19-sold 3 boxes of widgets for cash of $1,100 each

April 3-bought 5 boxes of widgets

June 15-sold 3 boxes of widgets for cash of $1,200 each

September 4-bought 6 boxes of widgets

October 5-sold 4 boxes of widgets for cash of $1,250 each

Required -

1. What is the ending inventory balance for the year?

2. What is the gross profit for the year?

Reference no: EM133121772

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