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Question - Below is a record of the purchases and sales of inventory throughout the first four months:
Units
Cost/Price Per Unit
1/1/x7 Beginning Balance
100
$3.50
1/31/x7 Purchase
125
$4.00
2/15/x7 Purchase
250
$4.50
2/25/x7 Sale
150
$7.75
3/10/x7 Purchase
300
$5.00
3/31/x7 Purchase
75
$5.50
4/10/x7 Sale
225
$8.25
4/15/x7 Purchase
$6.00
4/30/x7 Sale
350
$8.50
Required -
1. How many units were available for sale throughout the year?
2. What was the total value of all goods available for sale throughout the year?
3. How many physical units were sold?
4. How many physical units are in ending inventory?
5. What is the total sales value for all three sales?
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