LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Page 301
LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. b. Compute cost of goods sold for Year 2. Page 301
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.12EX: Periodic inventory by three methods The units of an item available for sale during the year were as...
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