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Domco is a sole proprietor distributor of olive oil. The company buys the olive oil from crushing plants and stores the oil in stainless steel
Domco is a sole proprietor distributor of olive oil. The company buys the olive oil from crushing plants and stores the oil in stainless steel tanks. During the month of April Domco purchased and then sold the following amounts of olive oil: 4/1 Balance 10,000 gallons @ $15/gal 4/5 Purchased 15,000 gallons @ $15.20/gal 4/10 Purchased 5,000 gallons @ $15.32/gal 4/15 Sold 21,000 gallons for $32/ gal 4/20 Purchased 8,000 gallons@ $15.40/gal 4/30 Sold 15,000 gallons for $32/ gal Required A 34 pts: Complete the inventory record below using FIFO: PURCHASED SOLD BALANCE 3
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