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SophCO Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a
SophCO Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $ During the month of September the company purchased additional linseed oil and sold linseed oil as follows. XX purchased gallons of linseed oil at $ per gallon. XX purchased gallons of linseed oil at $ per gallon XX purchased gallons of linseed oil at $ per gallon. sold gallons to a paint manufacture for $ per gallon. XX purchased gallons of linseed oil at $ per gallon. purchased gallons of linseed oil at $ per gallon. sold gallons of linseed oil for $ Required: a Complete the perpetual inventory record provided for the above transactions using b Make the required journal entry on XX for the FIFO method. c Make the required journal entry on XX for the FIFO method. d Complete the perpetual inventory record provided for the above transactions using
SophCO Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys
linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month
of September the company had gallons of linseed oil stored in its tank farm. The linseed
oil was purchased from one crushing plant at a cost of $ During the month of September the
company purchased additional linseed oil and sold linseed oil as follows.
XX purchased gallons of linseed oil at $ per gallon.
XX purchased gallons of linseed oil at $ per gallon
XX purchased gallons of linseed oil at $ per gallon.
sold gallons to a paint manufacture for $ per gallon.
XX purchased gallons of linseed oil at $ per gallon.
purchased gallons of linseed oil at $ per gallon.
sold gallons of linseed oil for $
Required:
a Complete the perpetual inventory record provided for the above transactions
using
b Make the required journal entry on XX for the FIFO method.
c Make the required journal entry on XX for the FIFO method.
d Complete the perpetual inventory record provided for the above transactions
using
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