E$7-19($Algo$)($Supplement $7$B$)$ Recording Inventory Transactions in a FIFO Perpetual Inventory System $[$LO $7-$S$2]$

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a perpetual inventory system in combination with FIFO and all customers paid in cash. Assume its accounting records provided the following information at the end of the annual accounting period, December $31.$

Assume all purchases are made on account.

Required:

Prepare journal entries to record the transactions that occurred from April $11$ to July $3.$

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Purchased $900$ units at a cost of $$11$ per unit

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$April $11,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$