The following transactions occurred during May for Hannah Pty ltd. May 1 Inventory on hand...
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Accounting
The following transactions occurred during May for Hannah Pty ltd.
May 1 Inventory on hand was 10 units at a cost of $5 per unit May 5 Purchased 15 units for cash for $8 per unit May 10 Sold 20 units for cash at a selling price of $15 per unit May 31 Inventory on hand was 5 units
(i) Calculate the cost of goods available for sale during May using the FIFO inventory costing method
(ii) Prepare the journal entries to record the two transactions in May using the FIFO costing method
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