Question
I need help with the journal entry for September 30th. Ive added the others as information only Use the perpetual inventory method with the FIFO
I need help with the journal entry for September 30th. Ive added the others as information only
Use the perpetual inventory method with the FIFO valuation method. Please see the Milestone Inventory tab in your workbook for purchase and sales information.
Information only: August 25: Purchased 15 golf club sets for $240 each to sell at the store from vendor A, on account with terms of 1/10 net 60.
Information only: September 16: Purchased 25 bicycles for $75 each to sell at the store from vendor B, on account with terms of 1/10 net 60.
Information only: September 24: Paid $750 toward merchandise from vendor A.
September 30: Recorded impact of sales transaction on COGS and the inventory asset.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started