Campbell Candy Company starts the month of January with 40 boxes of Tiger Bars costing $20 each. The following transactions occurred during the month:
Jan. 2 Purchased 15 additional boxes for $22 each. Paid with cash.
Jan. 4 Paid freight costs of $30 on January 2 purchase.
Jan. 10 Sold 45 boxes for $40 each.
Jan. 27 Purchased 10 additional boxes on account for $23 each.
Campbell uses a periodic inventory system and the FIFO inventory costing method.
Prepare all necessary journal entries related to Campbell's inventory activity. Calculate the cost of goods sold and the ending inventory under the FIFO, LIFO, and weighted average costing methods. Round all values to the nearest penny.

  • CreatedJuly 16, 2015
  • Files Included
Post your question