LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased 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 Year 2. Page 301

LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The following inventory transactions apply to Green Company for Year 2. Jan. 1 Apr. 1 Aug. 1 Dec. 1 Sold Purchased 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 Sold Purchased 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 Year 2. Page 301

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Description: LO 5-1Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchasesThe following inventory transactions apply to Green Company for Year 2.Jan. 1Apr. 1Aug. 1Dec. 1 SoldPurchased 260 units @ $50130 units @

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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