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beginning Inventory (1,000 units at $6.50) = 6500 Dec 12. Assuming the perpetual method is used, the company sold 3,200units at$18 each on account, terms2/10,

beginning Inventory (1,000 units at $6.50) = 6500

Dec 12.

Assuming the perpetual method is used, the company sold 3,200units at$18 each on account, terms2/10, n/30.

Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale.(Hint:Make sure to consider the beginning inventory balance from the beginning trial balance)

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Recommended Textbook for

Intermediate Microeconomics

Authors: Hal R. Varian

9th edition

978-0393123968

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