Problem 5-20A (Algo) PART A

Required information Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 200 items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Problem 5-20A (Algo) Part a Required a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits betore credits. 1 Record purchase of inventory for cash. 2 Record sale of inventory for cash. 3 Record entry for cost of goods sold. 4 Record sale of inventory for cash. 5 Record entry for cost of goods sold. 6 Record purchase of inventory for cash. 7 Record sale of inventory for cash. 8 Record entry for cost of goods sold. Note: = journal entry has been entered