In: Accounting
Question 3
Diablo Inc. markets a number of self-defense products. One if its products, the War Scepter (WS), is especially popular with its paladin customers.
Diablo had the following purchases and sales in 2015 and 2016:
Date |
Quantity |
Purchase Price / Sales Price |
Opening Inventory, Jan 1, 2015 |
300 |
$20 |
Purchase, February 15, 2015 |
200 |
60 |
Sale, April 28, 2015 |
300 |
230 |
Purchase, May 1, 2015 |
200 |
70 |
Sale, October 8, 2015 |
200 |
230 |
Purchase, December 30, 2015 |
200 |
80 |
Closing Inventory, Dec 31, 2015 |
400 |
? |