Requirement 2. Journalize for Dundas total December sales and cost of goods sold in two...
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Requirement 2. Journalize for Dundas total December sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $550 per unit and all sales were on credit. Assume that Dundas uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.)
Let's start by recording the entry for December sales. Do not yet record the cost related to the sale. We will do this in the next journal entry.
Data table AMy 31, of these unitu ire on hand Reat tre ireaitenterts McKinley Company's inventory records for its retail division show the following at May 31 (Click the ficon to view the accounting records?) At May 31,10 of these units are on hand. Read the requirements Requirement 1. Compute cost of goods sold and ending inventory. using each of the following four inventory methods Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (c) FIFO) and finally (d) LIFO (Round the average cost per unit to the nearest cent Round all final answers to the mearest whole dollar) Data table
Requirement 2. Journalize for Dundas total December sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $550 per unit and all sales were on credit. Assume that Dundas uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.)
Let's start by recording the entry for December sales. Do not yet record the cost related to the sale. We will do this in the next journal entry.
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