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Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of...

Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 290 items at $97 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
  

Date Transaction Description
Mar. 5 Purchased 270 items @ $ 105
Apr. 10 Sold 155 items @ $ 209
June 19 Sold 285 items @ $ 209
Sept. 16 Purchased 220 items @ $ 112
Nov. 28 Sold 145 items @ $ 214

Record the inventory transactions in general journal format.
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Answer #1

1) journal entries under fifo method

S.no date particular Debit ($) Credit ($)
1 March 5 inventory(270×$105) 28350
Cash 28350
2 April 10 cash(155×$209) 32395
Sales 32395
3 April 10 cost of goods sold(155×$97) 15305
Inventory 15305
4 June 19 Cash (285×$209) 59565
Sales 59565
5 June 19

cost of goods sold[135×$97]13095

[150×$105]15750

Total. 28845

 28845
Inventory 28845
6 September 16 inventory(220×$112) 24640
Cash 24640
7 Nov 28 cash. (145×$214) 31030
Sales 31030
8 Nov 28

cost of goods sold[120×$105]12600

[25×$112]2800

Total 15400

 15400
Inventory 15400

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