At The Beginning Of October Bowser Co S Inventory Consists Of 80 Units With A Co

At the beginning of October, Bowser Co.’s inventory consists of 80 units with a cost per unit of $40. The following transactions occur during the month of October.October 4Purchase 130 units of inventory on account from Waluigi Co. for $55 per unit, terms 2/10, n/30.October 5Pay freight charges related to the October 4 purchase, $650.October 9Return 10 defective units from the October 4 purchase and receive credit.October 12Pay Waluigi Co. in full.October 15Sell 140 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the October 4 purchase includes $55 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $60 per unit.]October 19Receive full payment from customers related to the sale on October 15.October 20Purchase 120 units of inventory from Waluigi Co. for $70 per unit, terms 1/10, n/30.October 22Sell 90 units of inventory to customers for cash, $8,100.Assuming for preparing financial statements that Bowser Co. reports inventory using LIFO, record the LIFO adjustment. (Omit the “$” sign in your response)

Posted in Uncategorized