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Burlington Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are
Burlington Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are on account. # of unit cost or items sale price January 1 Opening 40 $20 balance January 5 Purchase 20 $22 Purchase January 7 of January 5 -5 items returned January 10 Sale 50 $40 January 12 Purchase 25 $24 January 17 Sale 20 $50 January 24 Purchase 35 $25 Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below.
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