A. Determine Cost of Goods Sold: Ohlone Bookstore: Date BB. $5,000 Date Aug. I Aug. 3 Aug. 14 Transaction: 1-Apr Ohlone Bookstore purchase 1 book for $5 each to resell to Ohlone students 4-Apr Ohlone Bookstore purchase 1 book for $10 each to resell to Ohlone students 10-Apr Ohlone Bookstore purchase 1 book for $15 each to resell to Ohlone Students 15-Apr Sell 1 book to a student for $50 Cash. What is JE for the April 15 transactions: Aug. 17 Aug. 28 Aug. 31 Cash Date Chapter 5: Inventory Methods FiFo, LiFo B. Two different Methods to determine the Cost of Goods Sold: 1. FIFO First in Frist Out 2. LiFo Last in First Out Activity Beginning inventory Purchases Sales Purchases Purchases Sales Totals ... Account Title 7 Units Acquired at Cost 10 units @ $ 91- $ 910 15 units @ $106 = $ 1.590 20 units @ $115 = $2,300 10 units @ $119 = $1,190 55 units Units available for sale $5,990 Goods available for sale Debit Units Sold at Retail 20 units @ $130 23 units @ $150 43 units Units sold Credit Unit Inventory 10 units 25 units 5 units 25 units 35 units 12 units Units left

Chapter 5 : Inventory Methods FiFo, LiFo A. Determine Cost of Goods Sold: B. Two different Methods to determine the Cost of Goods Sold: 1. FiFO First in Frist Out 2. LiFo Last in First Out