Question
Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 290 items at $97 each. The company uses the
Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 290 items at $97 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
| Date | Transaction | Description | |||
| Mar. 5 | Purchased | 270 items @ | $ | 105 | |
| Apr. 10 | Sold | 155 items @ | $ | 209 | |
| June 19 | Sold | 285 items @ | $ | 209 | |
| Sept. 16 | Purchased | 220 items @ | $ | 112 | |
| Nov. 28 | Sold | 145 items @ | $ | 214 | |
|
Record the inventory transactions in general journal format. | |||||
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
