Question

Jameson’s Sports Shop carries a line of waterproof watches. Jameson’s Sports Shop uses the FIFO method and a perpetual inventory system. The sales price of each watch is $188. Company records indicate the following activity for waterproof watches for the month of August:


Requirements
1. Prepare a perpetual inventory record for the waterproof watches to determine the amount Jameson’s Sports Shop should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Jameson’s Sports Shop’s inventory transactions using the FIFO method. Assume that all purchases and sales are onaccount.


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  • CreatedApril 29, 2014
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