Stolte Trimble Corporation (STC) uses a perpetual inventory system. At the beginning of May, STC had 30 units of inventory, of which 10 units were purchased in March for $60 per unit and 20 units were purchased in April for $66 per unit. STC uses its perpetual inventory system to account for the following transactions.

May		2		STC shipped 25 units of inventory to customers for $150 per unit, on credit terms n/60, FOB shipping point.
May		4		STC purchased and received 20 units of inventory for $70 per unit, on credit terms n/45.
May		8		STC shipped 20 units of inventory to customers for $150 per unit, on credit terms n/60, FOB shipping point.

Required: Assume STC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction.

Date	General Journal	Debit	Credit
1	May 02	Accounts Receivable	3,750
		Sales Revenue		3,750
2	May 02	Cost of Goods Sold
		Inventories
3	May 04	Inventories
		Accounts Payable
4	May 08	Accounts Receivable
		Sales Revenue
5	May 08	Cost of Goods Sold
		Inventories