Easy Ltd. is a retailer following the perpetual inventory method. Assume that there are no...
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Easy Ltd. is a retailer following the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. The following information for Easy Ltd. for the month of December 2020 are provided below: Unit Cost or Selling Price Date Description Quantity ($) December 1 Beginning inventory (as stated in trial balance) 100 500 December 10 Purchase 150 600 December 12 Purchase return 50 600 December 20 Sale 125 800 1.-3. Journalize each of the transactions by following FIFO cost flow assumption
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