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i know my number 5 and number 8 entry is wrong and cant figure out why it is Required information Problem 5-20A Allocating product costs
i know my number 5 and number 8 entry is wrong and cant figure out why it is Required information Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 The following information applies to the questions displayed below) Pam's Creations had the following sales and purchase transactions during Year 2 Beginning inventory consisted of 250 items at $93 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 230 items $123 135 items $281 245 items 5201 180 items $188 125 items $206 Problem 5-20A Part a Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information 1 03/05 23.690 Inventory Cash 22,800 IN 2 04/10 Cash 27.135 Sales revenue 27 135 3 04/10 12.555 Cost of goods sold Inventory 12.555 4 06/19 Cash 40.245 Sales revenue 40 245 5 06/10 26.460 Cost of goods sold inventory 20.460 8 19.449 Inventory Cash 19.440 IN 11/28 25.750 Cash Sales revenue 25.750 11.970 8 11:28 Cost of goods sold Inventory 11.970
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