Choi Company has the following inventory information.  

DateActivityUnits Acquired at CostUnits Sold at Retail
Beginning Inventory150 units @ $300
June 7Purchase350 units @ $350
June 9Sales180 units @$1,200 per unit
June 17Purchases80 units @ $450
June 28Purchases100 units @ $458
June 30Sales300 units @ $1,400 per unit

Instructions

  1. Compute cost of goods available for sale and the number of units available for sale.
  2. Compute the number of units in ending inventory.
  3. Under the periodic inventory system, record journal entries for purchases on account.
  4. Under the periodic inventory system, record journal entries for sales invoiced.