Question

Bingerton industries began the year with inventory of$85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on accountfor $520,000.

Answer 1

The first entry of the journal records the inventory of of $310,000 as debited and accounts payable as credited.

What is inventory management?

The process of counting and recording fluctuations in the prices of assets such as raw materials, work-in-progress, and finished goods refers as Inventory management.

Following are the Journal entries-

1. Inventory accounts  A/c  $310,000

          To Accounts Payable A/c$310,000

 (Being the inventory is purchased)

2. Accounts Receivable   A/c  $520,000

           To Sales Revenue  A/c $520,000

   ( Being inventory is sold)

3. Cost of Goods Sold  A/c  $335,000

            To Inventory  A/c  $335,000

 (Being inventory is sold )

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