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5 April, 14:59

Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 180 $ 28 Transactions during the year: a. Purchase on account, March 2 290 30 b. Cash sale, April 1 ($44 each) (330) c. Purchase on account, June 30 230 34 d. Cash sale, August 1 ($44 each) (55)

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  1. 5 April, 15:19
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    Answer:Inventory on hand Balance at the end = $4620

    Explanation:

    The question is unclear with regards to the requirements. however having dealt with questions of this nature in the past, I will assume the question requires us to calculate the cost of inventory on hand.

    Opening Inventory balance = 180 x $28 = $5040

    Purchased inventory = 290 x $30 = $8700

    Cash sale (330 x $44) = $14520

    Purchase inventory (230 x 34) = $7820

    Cash sale (55 x $44) = $2420

    Inventory on hand Balance = 5040 + 8700 - 14520 + 7820 - 2420

    Inventory on hand Balance at the end = 4620 = $4620
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