At the beginning of the year, Blue Ltd had 900 units with a cost of $7 per unit in its beginning inventory The following inventory transactions occurred during the month of January Jan 3 9 Sold 710 units on account for $15 each Purchased 1,000 units on account for $8 per unit Sold 790 units for cash at $14 each 15 Prepare journal entries for these January transactions assuming that Blue Ltd uses FIFO under a perpetual inventory system (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered Do not indent manually Record journal entries in the order presented in the problem If no entry is required, select No Entry for the account titles and enter O for the amounts ) Date Account Titles and Explanation Debit Credit Jan 3 (To record sale) 3 (To record the inventory) 9 15 (To record sale) 15 (To record the inventory)

Question

At the beginning of the year, Blue Ltd  had 900 units with a cost of $7 per unit in its beginning inventory  The following inventory transactions occurred during the month of January  Jan  3 9 Sold 710 units on account for $15 each  Purchased 1,000 units on account for $8 per unit  Sold 790 units for cash at $14 each  15 Prepare journal entries for these January transactions assuming that Blue Ltd  uses FIFO under a perpetual inventory system  (List all debit entries before credit entries  Credit account titles are automatically indented when the amount is entered  Do not indent manually  Record journal entries in the order presented in the problem  If no entry is required, select  No Entry  for the account titles and enter O for the amounts ) Date Account Titles and Explanation Debit Credit Jan  3 (To record sale) 3 (To record the inventory) 9 15 (To record sale) 15 (To record the inventory)

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At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning inventory. The following inventory

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