tmaster47
Nov 1, 2010, 05:49 AM
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.
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.