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Kamal Preet1 Kamal Preet1
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A month ago
PEI Distributors purchases inventory in crates of merchandise. Assume the
company began July with an inventory of 30 units that cost $300 each.
During the month, the company engaged in the following business transactions:
Jul. 10     Purchased 30 units on account at $320.
       15     Sold 40 units on account at $700.
       22     Purchased 70 units on account at $350.
       29     Sold 75 units on account at $800.
       31     Reported monthly operating expenses of $30,000. The company paid onethird
                with cash and the rest was recorded on account.)
        31    Paid $12,000 of the Accounts Payable balance

Assume PEI Distributors uses the FIFO cost method for valuing inventories. The
company uses a perpetual inventory system.

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Anonymous
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A month ago
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