Question: Austin s Jewelers carries a line of waterproof watches Austin s Jewelers

Austin’s Jewelers carries a line of waterproof watches. Austin’s Jewelers uses the FIFO method and a perpetual inventory system. The sales price of each watch is $175. Company records indicate the following activity for waterproof watches for the month of March:
1. Prepare a perpetual inventory record for the waterproof watches to determine the amount Austin’s Jewelers should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Austin’s Jewelers’ inventory transactions using the FIFO method. Assume that all purchases and sales are on account.

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  • CreatedJuly 08, 2015
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