Chapter 6, Problem 11CP

To determine

Concept Introduction:

FIFO- Perpetual inventory System: FIFO (First in first out) method assumes the flow of inventory in the same order of its purchase. In other words, the oldest purchase is assumed to be sold first in order of purchases made. The FIFO method can be applied using perpetual or periodic method. In the perpetual inventory method, the inventory balance is updated after each inventory transaction.

Post Closing Trial Balance: The Post Closing Trial Balance is prepared after preparing and posting the closing entries. The post closing trial balance does not contain any temporary account because all the temporary accounts are closed in closing entry process. The Post Closing Trial Balance is a summary of the ending balances of real and personal accounts

To show: The Post Closing Trial Balance