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Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 220 items at $98 each. The company uses the
Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 220 items at $98 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Date | Transaction | Description | |||
Mar. 5 | Purchased | 280 items @ | $ | 108 | |
Apr. 10 | Sold | 160 items @ | $ | 211 | |
June 19 | Sold | 295 items @ | $ | 211 | |
Sept. 16 | Purchased | 230 items @ | $ | 113 | |
Nov. 28 | Sold | 150 items @ | $ | 216 | |
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.)
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