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What is the transaction on the 28th of March? And is my answer for the memos correct? 4. Inventory Cards Identify the transactions below in
What is the transaction on the 28th of March? And is my answer for the memos correct?
4. Inventory Cards Identify the transactions below in the Inventory card that occurred on: A) Mar 8: The owner might've use the inventory for personal use or used it for displaying Inventory as part of advertising. Memo's are used to identify internal transactions. B) Mar 19th: Credit purchase of 20 inventory C) Mar 28: D) Mar 31: Owner withdraws inventory I Has this business used the FIFO assumption for recording in inventory cards?-explain using an example from the below inventory card MP3 players Location: Middle display case Inventory Item Item: Inventory Code: Supplier: Bennon MP3-XV OUT Unit CORT Value Value Qty Qty IN Unit cost Details Qty Date 14 Mar. 1 Balance BALANCE Unit Value cost $ 80 1 120 90 630 80 880 90 630 7 3 3 80 240 8 Memo 4 11 7 11 80 880 12 Rec. 555- 561 1 90 90 6 90 90 80 540 540 1 600 20 80 6 20 1 600 19 Inv. 76 6 90 540 22 Rec. 564 - 566 2 80 160 18 18 1 350 15 28 Ch. 880 90 14 1 440 1 440 1 350 320 1 350 160 80 15 4 15 1 120 80 80 90 80 90 80 90 30 Inv. 43 2 80 160 31 Memo 5 2 15 1 350 Step by Step Solution
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