Spartacas, Inc., which uses the perpetual inventory method, recently had an agency count its inventory of frozen chickens. The agency left the following inventory sheet:
|
Type of |
Date |
Quantity |
Unit |
Inventory |
|
Merchandise |
Purchased |
on Hand |
Cost |
Amount |
|
Chicken grade A |
37,664 |
30 |
$5.00 |
(a) |
|
Chicken grade B |
37,670 |
16 |
(b) |
$54.40 |
|
Chicken grade C |
2/8/2003 |
(c) |
$2.50 |
$60.00 |
|
Chicken grade D |
2/15/2003 |
46 |
(d) |
$52.90 |
Complete the inventory calculations for Spartacas (items a d) and provide the journal entry necessary to adjust ending inventory, if necessary. The balance in Inventory before the physical count was $305.05.