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Record the March entry for the sale

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1) Zeke Corp. (who uses a periodic inventory system) has beginning inventory of 260 units, purchases of 580 units, and sales of 710 units. Assume each inventory unit costs $7 and the company counts 140 units of ending inventory. Record the December 31 inventory adjusting entry (if necessary).

2) On January 1, 20X1, Opener Inc. purchased equipment for $164,000. The company depreciated the equipment at $18,000 per year. On March 31, 20X5, the company sells the equipment for $77,900. Assume a December 31 year end and that the company has already recorded the current year's depreciation. Record the March 31, 20X5, entry for the sale?

Reference no: EM132919830

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