Question: for this question it says use PERPETUAL method. The following transactions occurred for the month of May. Date Units Cost Total Sales Price 65 70

for this question it says use PERPETUAL method.

The following transactions occurred for the month of May. Date Units Cost Total Sales Price 65 70 12 $780 11 $770 14 $1,190 85 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale 115 $35 16 $640 40 50 80 $35 $35 Using the FIFO method, prepare the required journal entries for each transaction assumir purchases and sales are made on credit. Credit Debit Date Description May 2 May 3 May 15 May 17 May 30

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