Prepare the journal entries that would be recorded

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Reference no: EM132218629

Question - The following information applies to the questions displayed below.

Frigid Supplies reported beginning inventory of 230 units, for a total cost of $2,300. The company had the following transactions during the month:

Jan. 3 Sold 30 units on account at a selling price of $20 per unit.

Jan. 6 Bought 40 units on account at a cost of $10 per unit.

Jan. 16 Sold 40 units on account at a selling price of $20 per unit.

Jan. 19 Sold 30 units on account at a selling price of $25 per unit.

Jan. 26 Bought 20 units on account at a cost of $10 per unit.

Jan. 31 Counted inventory and determined that 170 units were on hand.

Required -

1. Prepare the journal entries that would be recorded using a periodic inventory system.

2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any "book-to-physical" adjustment that might be needed.

Reference no: EM132218629

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