Question

The accounting records ae maintained in dollars. Yet, these dollars represent a certain number of units...

The accounting records ae maintained in dollars. Yet, these dollars represent a certain number of units at a certain cost per unit where “number of units” times “cost per unit” equals the “dollar” value. The same can be said for Revenue and “price”. Remember from the perspective of the company’s whose accounting records we are examining, “cost” of inventory is what they paid for these units, while “price” is what they charge their customers. Complete the table below for the missing information.

Number of units

Cost per unit

Dollars/Total Costs

Dave’s Doors began the period with 100 units previously purchased at $500 each.

100 x 500 = $50,00

Bill’s Bakery purchased 40 units for $12 a unit.

Shelly’s Shampoo purchased 100 units paying $6,000 on account.

Greg’s Groceries had 20 units of inventory on hand with an account balance of $800 at the end of the period.

Dave’s Doors sold 50 units costing them $500 each for a price of $800 each.

Bill’s Baker sold $200 of inventory (10 units) for $25 each.

Shelly’s Shampoo sold 40 units of inventory for $10 each. Shelly’s original cost was $6 a unit.

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