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Discuss the periodic method of accounting

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Reference no: EM131749641

You have the following information for Jewels Gems. Jewels Gems uses the periodic method of accounting for its inventory transactions. Jewels Gems only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost.

March 1 Beginning inventory 150 diamonds at a cost of $310 per diamond.
March 3 Purchased 200 diamonds at a cost of $350 each.
March 5 Sold 180 diamonds for $600 each.
March 10 Purchased 330 diamonds at a cost of $375 each.
March 25
Sold 390 diamonds for $650 each.

Reference no: EM131749641

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