Transactions

Nov $1$: Beginning Inventory $(62$ units @ $$51$ each$)$

Nov $9$: Purchase $(110$ units @ $$44$ each$)$

Nov $15$: Sale $(120$ units$)$

Nov $22$: Purchase $(145$ units @ $$42$ each$)$

Nov $29$: Sale $(150$ units$)$

Nov $30$: Purchase $(42$ units @ $$41$ each$)$

FIFO Cost Flow

Nov $15$ Sale:

$62$ units from Beginning Inventory: $62*$ $$51=$ $$3,162$

$58$ Assume the sales price was $$60$ per unit for the sale on November $29.$

Prepare journal entries to record the November $22$ purchase and the November $29$ sale. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for

the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles

Nov. $22$

Merchandise Inventory

Accounts Payable

Nov. $29$

Accounts Receivable

$($To record sales on account.$)$

Nov. $29$

Debit

Credit

Credit

Nov. $22$

Accounts Receivable

l

$($To record sales on account.$)$

Cost of Goods Sold

Merchandise Inventoryunits from Nov $9$ Purchase: $58*$ $$44=$ $$2,552$