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Prepare journal entries to record purchases and sales

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Reference no: EM132782831

Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during November:

Date

 

Explanation

Units

 

Unit Cost/Price

Nov.

1

Beginning inventory

34

 

$296

 

5

Purchases

23

 

301

 

12

Sales

(40

)

$461

 

19

Purchases

42

 

306

 

22

Sales

(48

)

513

 

25

Purchases

33

 

311

 

 

 

44

 

 

problem 1: Prepare journal entries to record purchases and sales for Snow-Tech in a periodic inventory system using average cost

Reference no: EM132782831

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