Bright Sales, Inc.’s inventory records for a particular development program show the following at January 31:

At January 31, nine of these programs are on hand. Journalize the following for Bright Sales, Inc., under the perpetual system:
1. Total January purchases in one summary entry. All purchases were on credit.
2. Total January sales and cost of goods sold in two summary entries. The selling price was $600 per unit, and all sales were on credit. Assume that Bright Sales, Inc., uses the FIFO inventory method.
3. Under FIFO, how much gross profit would Bright Sales, Inc., earn on these transactions? What is the FIFO cost of Bright Sales, Inc.’s endinginventory?

  • CreatedJuly 25, 2014
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