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    tmaster47's Avatar
    tmaster47 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Nov 1, 2010, 05:49 AM
    I have an accounting question
    A company that uses a perpetual inventory system made the following cash purchases and sales:
    Jan 1: Purchased 100 units at $10 per unit
    Feb 5: Purchased 60 units at $12 per unit.
    March 16: Sold 40 Units for $16 per unit

    Prepare general Journal entries to record the March 16 sale assuming a FIFO method is used.

    Please help I can't figure it out.
    Praecautus's Avatar
    Praecautus Posts: 59, Reputation: 2
    Junior Member
    		  
    #2

    Nov 1, 2010, 05:59 AM

    What's so hard to figure out, first figure out what FIFO is, then relate that to the question. Reread the chapter dealing with the question in your text book. A quick Google search can provide a lot of information.
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