Reference no: EM132744508
Question - Stiller Company maintains perpetual inventory records on a FIFO basis for the three main products distributed by the company. A physical inventory is taken at each year-end to check the perpetual inventory records. The following information relates to one of its products for the month ended June 2020.
Date Units Unit Cost
June 1 Beginning inventory 9,000 $8.10
Purchases and sales (in order)
June 3 Purchase 5,000 8.15
June 4 Sale 10,000
June 8 Purchase 16,000 8.20
June 9 Sale 11,000
June 15 Purchase 4,000 8.40
June 18 Purchase 7,000 8.25
June 20 Sale 14,000
June 29 Purchase 5,000 8.10
June 30 Ending inventory (per count) 10,500
Required -
a. Reconstruct the perpetual inventory record for this product.
b. Prepare eight journal entries (in chronological order) for the above five purchases and three sales. Assume that the selling price is $22 per unit. Also create a journal entry for any inventory shortage.
c. Prepare the income statement ending with gross margin. Compute the gross profit as a percentage of sales from this income statement.
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