Refer to the data for Fish n'Fly in E6-15. Assume that all of Fish n'Fly's sales are

Question:

Refer to the data for Fish n'Fly in E6-15. Assume that all of Fish n'Fly's sales are for cash and all of its purchases are on account.
In E 6-15

Instructions
(a) Record the purchases and sales for Fish n'Fly in a perpetual inventory system under (1) FIFO and (2) average.
(b) Record the purchases and sales for Fish n'Fly in a periodic inventory system under (1) FIFO and (2) average.

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 11:19 AM

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Refer to the data for Fish n'Fly in E6-15. Assume that all of Fish n'Fly's sales are

Question:

Units 25 Unit Purchase Price $295 Date Transaction Unit Sales Price July1 Beginning inventory 10 Purchase 12 Sale 13 Purchase 25 Sale 27 Purchase (42) 35 (45) $450 460 310

Step by Step Answer:

a Perpetual FIFO Average Dr Cr Dr Cr July 10 Inventory Accounts Payable 9000 ...View the full answer

Accounting Principles Part 1

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