The following inventory transactions apply to Apac Company for 2013:

The beginning inventory consisted of 175 units at $55 per unit. All transactions are cash transactions.

Required
a. Record these transactions in general journal format assuming Apac uses the FIFO cost flow assumption and keeps perpetual records.
b. Compute cost of goods sold for2013.

Transcribed Image Text:

Jan. Purchased 250 unitsS60 Apr Sold Aug Purchased 400 units S65 Dec. Sold 125 units S90 500 units @ S95