Question

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 500 $5.00 Transactions during the year: a. Purchase, January 30 400 4.40 b. Purchase, May 1 560 6.00 c. Sale ($7 each) (260) d. Sale ($7 each) (800) Required: a. Compute the amount of goods available for sale. b.

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Answer 1

a. To compute the amount of goods available for sale, we need to add the beginning inventory and the purchases made during the year.

Beginning inventory: 500 units
Purchase on January 30: 400 units
Purchase on May 1: 560 units

Total goods available for sale = Beginning inventory + Purchases
= 500 units + 400 units + 560 units
= 1,460 units

b. The question is cut off and incomplete. Please provide the complete question so that I can assist you further.