The following inventory transactions apply to Green Company for 2016:

The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions.
Required
a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records.
b. Compute cost of goods sold for 2016.

Transcribed Image Text:

Jan. 1 Purchased 260 units @ $50 Apr. 1 Sold Aug. 1 Purchased 390 units $56 Dec. Sold 130 units $85 490 units @ $96