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Delta Company uses a perpetual inventory system and accounts for its inventory using the FIFO...

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Accounting

Delta Company uses a perpetual inventory system and accounts for its inventory using the FIFO method. During May, the company made the following purchases and sales:
Beginning inventory: 100 units @ $10/unit
May 2: Purchased 200 units@ $12? unit
May 12: Sold 150 units @ $25/unit
May 17: Purchased 100 units @$15/ unit
Question 1
Multiple Choice
Question 1
Accounting Dro
May 29: Sold 100 units @ $27.50/ unit
In addition to the journal entries to record the sales revenue on May 12 and May 29, what entries will Delta make to record cost of goods sold and adjust the inventory account?
May 12: Debit Cost of Goods Sold $1,500, Credit Inventory $1,500.
May 29: Debit Cost of Goods Sold $1,200, Credit Inventory $1,200.
May 12: Debit Cost of Goods Sold $1,500, Credit Inventory $1,500.
May 29: Debit Cost of Goods Sold $1,500, Credit Inventory $1,500.
May 12: Debit Cost of Goods Sold $1,600, Credit Inventory $1,600.
May 29: Debit Cost of Goods Sold $1,350, Credit Inventory $1,350.
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