Problem 5 20A Allocating product costs between cost of goods sold and ending inventory intermittent purchases and sales of merchandise LO 5 1 The following information applies to the questions displayed below Pams Creations had the following sales and purchase transactions during Year 2 Beginning inventory consisted of 130 items at $81 each The company uses the FIFO cost flow assumption and keeps perpetual inventory records Date Transaction Description Mar 5 Purchased 110 items $ 91 Apr 10 Sold 75 items $ 177 June 19 Sold 125 items $ 177 Sept 16 Purchased 60 items $ 96 Nov 28 Sold 65 items $ 182 Problem 5 20A Part a 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 ) Record entry inventory purchased for cash Record sale of inventory for cash Record entry for cost of goods sold Record sale of inventory for cash Record entry for cost of goods sold Record entry inventory purchased for cash Record sale of inventory for cash Record entry for cost of goods sold

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Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 [The following information applies

Problem 5-20A Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1

[The following information applies to the questions displayed below.]

Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 130 items at $81 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date	Transaction	Description
Mar. 5	Purchased	110 items @	$	91
Apr. 10	Sold	75 items @	$	177
June 19	Sold	125 items @	$	177
Sept. 16	Purchased	60 items @	$	96
Nov. 28	Sold	65 items @	$	182

Problem 5-20A Part a

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.)

Record entry inventory purchased for cash.

Record sale of inventory for cash.

Record entry for cost of goods sold.

Record sale of inventory for cash.

Record entry for cost of goods sold.

Record entry inventory purchased for cash.

Record sale of inventory for cash

Record entry for cost of goods sold