Arrow Corporation's inventory records for a particular development program show the following at March 31: At March

Question:

Arrow Corporation's inventory records for a particular development program show the following at March 31:

At March 31, 11 of these units are on hand. Journalize the following for Arrow Corporation under the perpetual system:
1. Total March purchases in one summary entry. All purchases were on credit.
2. Total March sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Assume that Arrow uses the FIFO inventory method.
3. Under FIFO, how much gross profit would Arrow earn on these transactions? What is the FIFO cost of Arrow Corporation's ending inventory?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...