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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: transaction date Jan 1 Begining inventory 100. 10 Sale 15 25 units Cost pet' unit 12 50 70. 25 sale 35 Sales price is $20 per unit, before taxes REQUIRED: 1. Prepare a schedule to show the cost of goods sold and ending inventory using the FIFO method 2. Journalize January transactions (calculate and record the sales taxes Purchase Sale 16

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: transaction date Jan 1 Begining inventory 100. 10 Sale 15 25 units Cost pet' unit 12 50 70. 25 sale 35 Sales price is $20 per unit, before taxes REQUIRED: 1. Prepare a schedule to show the cost of goods sold and ending inventory using the FIFO method 2. Journalize January transactions (calculate and record the sales taxes Purchase Sale 16

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: date transaction units Jan 1 Begining inventory 100. 10 Sale 15 25 50 70. 25 Cost pet' unit 12 16 Purchase Sale sale 35 Sales price is $20 per unit, before taxes REQUIRED: 1. Prepare a schedule to show the cost of goods sold and ending inventory using the FIFO method 2. Journalize January transactions (calculate and record the sales taxes
Transcribed Image Text:During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: date transaction units Jan 1 Begining inventory 100. 10 Sale 15 25 50 70. 25 Cost pet' unit 12 16 Purchase Sale sale 35 Sales price is $20 per unit, before taxes REQUIRED: 1. Prepare a schedule to show the cost of goods sold and ending inventory using the FIFO method 2. Journalize January transactions (calculate and record the sales taxes
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