I need the journlaized inventory transactions under the methods : FIFO,The accounts are : cash, cost of gold sold, merchandise inventory, and sales revenue.The data table is hereDateDescriptionUnitsPer UnitJan 1Inventory on hand5,000$11Jan 3purchase9,000$13Jan 6sale8,500$23Jan 15purchase13,000$15Jan 22sale12,000$23 2 Date Account/Explanation3 January FIFO03(0 00 J O U PON456789101119AANAZK96322A2428313233222Bto record purchase of inventory.to record sale of merchandize.to record FIFO cost of inventory sold.to record purchase of inventory.to record sale of merchandize.to record FIFO cost of inventory sold.CPost.Ref.DebitECreditF0

Name: I need the journlaized inventory transactions under the methods : FIFO
Uploaded: 2024-03-20T06:32:37.000Z
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Description: I need the journlaized inventory transactions under the methods : FIFO,The accounts are : cash, cost of gold sold, merchandise inventory, and sales revenue.The data table is hereDateDescriptionUnitsPer UnitJan 1Inventory on hand5,000$11Jan 3purchase9

Answered: I need the journlaized inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need the journlaized inventory transactions under the methods : FIFO,

The accounts are : cash, cost of gold sold, merchandise inventory, and sales revenue.

The data table is here

Date	Description	Units	Per Unit
Jan 1	Inventory on hand	5,000	$11
Jan 3	purchase	9,000	$13
Jan 6	sale	8,500	$23
Jan 15	purchase	13,000	$15
Jan 22	sale	12,000	$23

2 Date Account/Explanation
3 January FIFO
03
(0 00 J O U PON
4
5
6
7
8
9
10
11
19
AANAZK963
22
A
24
28
31
32
33
2
22
B
to record purchase of inventory.
to record sale of merchandize.
to record FIFO cost of inventory sold.
to record purchase of inventory.
to record sale of merchandize.
to record FIFO cost of inventory sold.
C
Post.
Ref.
Debit
E
Credit
F
0

Expert Solution

Step 1: Introduction:

FIFO is first in first out method of inventory management. Under this method, inventories which are purchased first will be sold out first. Ending inventory will always be from last purchase units.

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