5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales and purchases The...
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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 2016: Jan. 1 Apr. 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 260 units @ $50 130 units @ $85 390 units @ $56 490 units @ $96 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
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