Required information 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) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 250 Items at $99 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 230 Stems &$103 135 itons e$201 245 items 5201 180 items$10B 125 items $206 Required Information 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record entry inventory purchased for cash. Note: Enter debits before credits Date General Journal Debit Credit 03/05 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit 04/10 Record entry Clear entry View general Journal yume na may beureutur dansaction/event, select required" in the first account field.) View transaction list Journal entry worksheet required" in the first account field.) Who entry is required for a transaction/event, View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit 06/19 Record entry Clear entry View general Journal S required in the first account field.) View transaction list Journal entry worksheet Record entry inventory purchased for cash. Note: Enter debits before credits. Date General Journal Debit Credit 09/16 Record entry Clear entry View general Journal CO HILI View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits. Date General Journal Debit Credit 11/28 Record entry Clear entry View general Journal 24ucu HUIL OLULUI CU View transaction list Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits. Debit General Journal Credit Date 11/28 View general Journal Clear entry Record entry C 8 8 Next > Required information 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.) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 250 Items at $93 each. The company uses the FIFO cost flow assumption and keeps perpetual Inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Description 230 items @ $103 135 items @ $201 245 items $201 180 items @ $108 125 items $206 Purchased Sold Problem 5-20A Part b b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. (Amounts to be deducted should be Indicated with a minus sign.) Sales Cost of goods sold Gross margin Homework Saved O Required Information 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) Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 250 items at $93 each. The company uses the FIFO cost flow assumption and keeps perpetual Inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 230 items &$103 135 items $201 245 items $201 180 items $108 125 items $206 Problem 5-20A Part c c. Determine the ending Inventory balance Pam's Creations would report on the December 31, Year 2. balance sheet. Ending Inventory
