Question

In: Accounting

ABC Company has provided the following information from their records: &nb

ABC Company has provided the following information from their records:

Purchases Sales

Units Unit Cost Units Selling Price/Unit

Mar 1 Beginning inventory 100 $50

3 Purchase 60 $60

4 Sales 70 $100

10 Purchase 200 $70

16 Sales 80 $110

19 Sales 80 $110

25 Sales 50 $110

30 Purchase 40 $75

Using the inventory and sales data above, to complete the below inventory schedule under FIFO method and prepare the journal entries to record the sales on March 4. All sales are made on credit.

Inventory Schedule - FIFO
	PURCHASES			COST OF GOODS SOLD			BALANCE
Date	Units	Cost	Total	Units	Cost	Total	Units	Cost	Total

Expert Solution

Hi...

Inventory Schedule - FIFO
	Purchase			Cost of Goods Sold			Balance
Date	Units	Cost	Total	Units	Cost	Total	Units	Cost	Total
Mar. 1	100	50	5,000				100	50	5,000
Mar. 3	60	60	3,600				60	60	3,600
Mar. 4				70	50	3,500	30	50	1,500
							60	60	3,600
Mar. 10	200	70	14,000				30	50	1,500
							60	60	3,600
							200	70	14,000
Mar. 16				30	50	1,500	10	60	600
				50	60	3,000	200	70	14,000
Mar. 19				10	60	600	130	70	9,100
				70	70	4,900
Mar. 25				50	70	3,500	80	70	5,600
Mar. 30	40	75	3,000				80	70	5,600
							40	75	3,000
Mar. 31	400		25,600	280		17,000	120		8,600

Journal Entry for Sale

Date Particulars Debit Credit

Mar. 4 Account Receivable $7,000

Sales Revenue $ 7,000

Cost of Goods Sold $ 3,500

Inventory $ 3,500

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