Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—FIFO Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.
Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—FIFO Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each.
Preparing a perpetual inventory record and
Requirements
- Prepare Boston Cycle’s perpetual inventory record assuming the company uses the FIFO inventory costing method.
- Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.
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