A company had following transactions involving inventory during the month of November. -Inventory on...
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Accounting
A company had following transactions involving inventory during the month of November.
-Inventory on Nov. 1 is comprised of 5 units at a cost of $20 each
-Nov. 2 purchased 10 units at $22 each
-Nov.6 purchased 6 units at $25 each
-Nov. 8 sold 8 for $55 each (selling price)
The company accounts for inventory using the FIFO perpetual inventory method.
Using a T chart, document the November 1 balance and the transactions listed above
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