a. Record the inventory transactions in general journal format. b. Calculate the gross margin...
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Accounting
a. Record the inventory transactions in general journal format.
b. Calculate the gross margin Pams Creations would report on the Year 2 income statement.
c. Determine the ending inventory balance Pams Creations would report on the December 31, Year 2, balance sheet
Required information Problem 5-20A 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 230 items at $99 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Mar. 5 Apr. 10 June 19 Sept. 16 Nov. 28 Transaction Purchased Sold Sold Purchased Sold Description 290 items @ $ 109 165 items @ $213 305 items @ $213 240 items @ $ 114 155 items @ $218 Problem 5-20A Part a
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