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The following inventory transactions apply to Mica Power Company for Year 1: Jan. 1 May 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 100 units @ $15 75 units @ $22 250 units @ $20 400 units @ $25 The beginning inventory consisted of 150 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Mica Power Company uses the FIFO cost flow assumption and keeps perpetual records. b. Compute the ending balance in the Inventory account. c. Compute cost of goods sold for Year 1.

The following inventory transactions apply to Mica Power Company for Year 1: Jan. 1 May 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 100 units @ $15 75 units @ $22 250 units @ $20 400 units @ $25 The beginning inventory consisted of 150 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Mica Power Company uses the FIFO cost flow assumption and keeps perpetual records. b. Compute the ending balance in the Inventory account. c. Compute cost of goods sold for Year 1.

FINANCIAL ACCOUNTING
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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The following inventory transactions apply to Mica Power Company for Year 1: Purchased Sold Jan. 1 May 1 Aug. 1 Dec. 1 Sold Purchased 100 units @ $15 75 units @ $22 250 units @ $20 400 units @ $25 The beginning inventory consisted of 150 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Mica Power Company uses the FIFO cost flow assumption and keeps perpetual records. b. Compute the ending balance in the Inventory account. c. Compute cost of goods sold for Year 1.
Transcribed Image Text:The following inventory transactions apply to Mica Power Company for Year 1: Purchased Sold Jan. 1 May 1 Aug. 1 Dec. 1 Sold Purchased 100 units @ $15 75 units @ $22 250 units @ $20 400 units @ $25 The beginning inventory consisted of 150 units at $12 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Mica Power Company uses the FIFO cost flow assumption and keeps perpetual records. b. Compute the ending balance in the Inventory account. c. Compute cost of goods sold for Year 1.
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