Question
[ The following information applies to the questions displayed below.] Pams Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted
[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 160 items at $84 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Date | Transaction | Description |
---|---|---|
March 5 | Purchased | 140 items @ $94 |
April 10 | Sold | 90 items @ $183 |
June 19 | Sold | 155 items @ $183 |
September 16 | Purchased | 90 items @ $99 |
November 28 | Sold | 80 items @ $188 |
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 purchase of inventory 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 purchase of inventory for cash.
Record sale of inventory for cash.
Record entry for cost of goods sold.
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