Question
The following inventory transactions apply to Green Company for 2016: Jan. 1 Purchased 230 units @ $ 10 Apr. 1 Sold 115 units @ $
| The following inventory transactions apply to Green Company for 2016: |
| Jan. 1 | Purchased | 230 | units | @ | $ | 10 | |
| Apr. 1 | Sold | 115 | units | @ | $ | 19 | |
| Aug. 1 | Purchased | 360 | units | @ | $ | 11 | |
| Dec. 1 | Sold | 450 | units | @ | $ | 20 | |
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| The beginning inventory consisted of 180 units at $11 per unit. All transactions are cash transactions. |
| Required |
| a. | Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
| b. | Compute cost of goods sold for 2016. |
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Hong Kong Auditing Economic Theory And Practice
Authors: Simon Fung, Ferdinard A. Gul
3rd Edition
9629372347, 978-9629372347
