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 Certainly! Below is the transcription of the image content, formatted for an educational website. This is a template for recording financial transactions using the FIFO (First In, First Out) inventory accounting method.---### FIFO Inventory Accounting Template| Date | Account/Explanation | Post. Ref. | Debit | Credit ||------|----------------------------------------------------|------------|-------|--------|| January | FIFO | | | || 03 | to record purchase of inventory. | | | || 06 | to record sale of merchandise. | | | || 06 | to record FIFO cost of inventory sold. | | | || 15 | to record purchase of inventory. | | | || 22 | to record sale of merchandise. | | | || 22 | to record FIFO cost of inventory sold. | | | |**Explanation:**This table is designed to help users record inventory transactions under the FIFO method, which assumes that the oldest inventory items are sold first. The template includes columns for the date, account/explanation, a posting reference, and the amounts to be debited or credited.- **Date**: The day of the month when the transaction occurs.- **Account/Explanation**: Brief description of the transaction.- **Post. Ref.**: A space to add a reference number for posting purposes.- **Debit/Credit**: Columns to enter the monetary amounts affected by the transactions. In this template, transactions are listed for recording purchases and sales of inventory, as well as the cost of inventory sold under the FIFO method. Please ensure to fill in the debit and credit amounts according to the actual values from your specific transactions.

Name: I need the journlaized inventory transactions under the methods : FIFO
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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