From the information below for Cindy's Tea, prepare the Journal entries for the Purchases AND...
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Accounting
From the information below for Cindy's Tea, prepare the Journal entries for the Purchases AND Sales of Inventory under both the (a) FIFO and (b) Weighted Average methods. Assume the selling price per Box of Tea is $25.00
Opening Inventory September 1: $100 (10 Boxes of Tea at a cost of $10 per Box)
PURCHASES during Month: September 5th (60 Boxes of Tea at a cost of $11 per Box)
September 26th (70 Boxes of Tea at a cost of $12 per Box)
SALES during the Month: September 15th (30 Boxes of Tea)
September 29th (90 Boxes of Tea)
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