In: Accounting
The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: (30 points) June 1 Balance 25 units at $60 6 Sale 20 units at $70 8 Purchase 20 units at $61 16 Sale 10 units at $70 20 Purchase 20 units at $62 23 Sale 25 units at $70 30 Purchase 15 units at $63 Record the inventory, purchases, cost of goods sold and sales in a perpetual inventory record similar to what we have done in class on homework, using the last-in first-out method. Journalize the entries in the sales and cost of sales accounts. Assume that all sales were on account. Determine the gross profit from sales for the period. Determine the ending inventory.