Kirtland Corporation uses a periodic inventory system. At the end of the annual

Question

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the following:

Compute the dollar amount of goods available for sale.

Transactions Units Unit Cost   Beginning inventory, January 1, 2015 400    $3.00       Transactions during 2015:   a. Purchase, January 30 300    3.40       b. Purchase, May 1 460    4.00       c. Sale ($5 each) (160)     d. Sale ($5 each) (700) Required: a.

Compute the dollar amount of goods available for sale.

Explanation / Answer

the dollar amount of goods available for sale=Begining inventory+Purchases=400*3.00+300*3.40+460*4.00=$4,060.

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