The Turner Company sells a product called TurnUp for $25 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of TurnUps and transactions during January 2014 were as follows:
Jan. 1 Balance: 25 units costing $8 each.
3 Purchased from Curtis & Sons 50 units costing $9 each.
7 Sold to G. Little 20 units, invoice #103.
19 Sold to B. Moore 15 units, invoice #104.
20 Purchased from Norton Industries 30 units costing $11 each.
24 Sold to C. Woudstra 15 units, invoice #105.
29 Sold to D. Isla 32 units, invoice #106.
Required
Journalize the January transactions in the Sales and Purchases Journal. Use page 1 for each journal. Assume till sales ami pun liases are on credit; terms n/30. Under the assumption that the company keeps its records on a FIFO basis, you will need to enter the beginning balances and post each transaction on an inventory subledger record like the one illustrated in Exhibit 7.6 in order to determine cost of goods sold for each sale.