A company that uses a perpetual inventory system made the following cash purchases and sales. There...
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory (2 Marks).
|
January 1: |
Purchased 100 units at SAR10 per unit |
|
February 5: |
Purchased 60 units at SAR 12 per unit |
|
March 16: |
Sold 40 Units for SAR 16 per unit |
Prepare general journal entries to record the March 16 sale using the
- FIFO inventory valuation method.
- LIFO inventory valuation method.
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A company that uses a perpetual inventory system made the
following cash purchases and sales. There...
accounting
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1:Purchased 100 units at SAR10 per unitFebruary 5: Purchased 60 units at SAR 12 per unitMarch 16:Sold 40 Units for SAR 16 per unit 1. Explain the four inventory valuation methods.2. Prepare general journal entries to record the March 16 sale using the I. FIFO inventory valuation method. II. LIFO inventory valuation method.
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