Itco uses a perpetual inventory system. During the month of October, the following transactions took place:
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Itco uses a perpetual inventory system. During the month of October, the following transactions took place:
10/1 Balance: 2,000 uts. @ $5.00/ut
10/5 Purchased: 5,000 uts. @ $5.25/ut
10/10 Purchased: 8,000 uts. @ $5.50/ut
10/12 Sold 12,000 uts. for $10.00 ea.
10/15 Purchased: 4,000 uts. @ $5.75/ut
10/22 Sold 5,000 uts. for $10.00 ea.
a. Complete the perpetual inventory record (provided) for the above transactions using FIFO
b. Make the required journal entry on 10/5 for the FIFO method.
c. Make the required journal entry on 10/12 for the FIFO method.
d. Complete the perpetual inventory record (provided) for the above transactions using LIFO
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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