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Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 each. The company uses the
Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Date | Transaction | Description |
---|---|---|
March 5 | Purchased | 190 items @ $99 |
April 10 | Sold | 115 items @ $193 |
June 19 | Sold | 205 items @ $193 |
September 16 | Purchased | 140 items @ $104 |
November 28 | Sold | 105 items @ $198 |
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