Question
Below is the inventory detail for Ohlone bookstore: Jan 4: Purchase 5 units @ $5 per unit Jan 10: Purchase 5 unit $10 unit. Jan
Below is the inventory detail for Ohlone bookstore:
Jan 4: Purchase 5 units @ $5 per unit
Jan 10: Purchase 5 unit $10 unit.
Jan 20: Sold 1 unit to a customer for $25 .
What is the Journal Entry for Jan 20 to record the Revenue for Ohlone bookstore if FIFO method is used?
Also, What is the Journal Entry for Jan 20 to record the Cost of Goods Sold for Ohlone bookstore if FIFO method is used?
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Accounting For Beginners Learn Easy And Fast Accounting Principles
Authors: Dan Wilson
1st Edition
1700199900, 978-1700199904
