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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F385dd7d1-1a38-4b33-a039-059d65b0c7b0%2F96a5fa61-4f02-429b-ac92-c59fc86d6566%2F5wk3ito_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
![](/static/compass_v2/shared-icons/check-mark.png)
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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