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In: Accounting

Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 180 items at $86 each.

Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 180 items at $86 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

  

Date Transaction Description
Mar. 5 Purchased 160 items @ $ 96  
Apr. 10 Sold 100 items @ $ 187  
June 19 Sold 175 items @ $ 187  
Sept. 16 Purchased 110 items @ $ 101  
Nov. 28 Sold 90 items @ $ 192  
 

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.)
  

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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