accounting 1
You are given the following information for Oriole Company for the month ended November 30, 2021:
| Date | Description | Units | Unit Price | ||||||
| Nov. 1 | Beginning inventory | 60 | $49 | ||||||
| 9 | Purchase | 100 | 46 | ||||||
| 15 | Sale | (125) | |||||||
| 22 | Purchase | 150 | 42 | ||||||
| 29 | Sale | (170) | |||||||
| 30 | Purchase | 44 | 40 | ||||||
Oriole Company uses a perpetual inventory system. All sales and purchases are on account.
Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale.
Date | Account Titles and Explanation | Debit | Credit |
Nov. 22 | |||
| (To record purchase on account.) | |||
Nov. 29 | |||
| (To record sales on account.) | |||
Nov. 29 | |||
| (To record cost of goods sold.) |
Calculate gross profit for November.
| Gross profit | $ |
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