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

    Nov 2, 2010, 04:44 AM
    Accounting
    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.

    Answer I got, Is it the right answer??

    Cash debit 640
    Sales Credit 640

    Sales debit 400
    To Cost of goods sold Credit 400
    mmresd's Avatar
    mmresd Posts: 2,002, Reputation: 553
    Ultra Member
    		  
    #2

    Nov 2, 2010, 08:21 AM
    It looks right.
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