The following inventory transactions apply to Willow Company for 2012. The beginning inventory consisted of 175 units

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The following inventory transactions apply to Willow Company for 2012.
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The beginning inventory consisted of 175 units at $\$ 34$ per unit. All transactions are cash transactions.
Required

a. Record these transactions in general journal format assuming Willow uses the FIFO cost flow assumption and keeps perpetual records.

b. Compute cost of goods sold for 2012.

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Fundamental Financial Accounting Concepts

ISBN: 12

7th Edition

Authors: Thomas Edmonds

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Question Posted: May 15, 2024 08:02 AM

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The following inventory transactions apply to Willow Company for 2012. The beginning inventory consisted of 175 units

Question:

Jan. 1 Apr. 1 Aug. 1 Purchased 250 units @ $40 Sold 125 units @ $70 Purchased 400 units @ $44 Dec. 1 Sold 500 units @ $76

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Fundamental Financial Accounting Concepts

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