Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24.
Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24.
please quickly thanks !
Transcribed Image Text:Date Item
Oct. 1- Beginning Inventory
9+ Sales
16 Purchase
24 Sales
Quantity (Units).
94
20
18
12+
16
Unit Price
83
89€
120-
P
91-
P
120-
PP
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