Question
Inventory Control Exercise Date Description Units Unit Cost Total Cost July 1, 2018 Beginning Inventory 500 $20 $10,000 July 18, 2018 Inventory Purchased 800 $24
Inventory Control Exercise
Date Description Units Unit Cost Total Cost
July 1, 2018 Beginning Inventory 500 $20 $10,000
July 18, 2018 Inventory Purchased 800 $24 $19,200
July 25, 2018 Inventory Purchased 700 $26 $18,200
Total 2,000 $47,400
Happy Hospital used 1,400 units of medical supplies during the month of July 2018.
Required: Write journal entries to record the purchases of medical supplies, inventory value and the use of medical supplies for July 2018 using the following inventory costing methods:
First in, first out (FIFO) method
Last in, first out (LIFO) method
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