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Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the accounting records.) At October
Big Fish Company's inventory records for its retail division show the following at October 31: (Click the icon to view the accounting records.) At October 31, 10 of these units are on hand. Read the requirements. Requirement 2. Journalize for Big Fish total October sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $625 per unit and all sales were on credit. Assume that Big Fish uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for October sales. Do not yet record the cost related to the sale. We will do t * Data Table - X Journal Entry Date Accounts Debit Credit Accounts Receivable 9375) Oct 1 Beginning inventory..... 9 units @ $ 165 = $ 1,485 Sales Revenue 9375 15 Purchase............. 7 units @ 166 = $ 1,162 26 Purchase. .............. 14 units @ 175 = $ 2,450 Choose from any list or enter any number in the input fields and then click Check Answer. Print Done parts remaining Clear All Check
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