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3 years ago

Ong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.

Business

1 answer:

ira [324]3 years ago

6 0

Answer:

FIFO stands for first in first out. This method of inventory management records cost of sales of oldest inventory first.

Jan. 4 dr Account receivable 696

cr sales(87×8) 696

Jan. 11 dr Inventory(141*6) 846

cr Account payable 846

Jan.13 dr Account receivable 742

cr Sales(106*7). 742

Jan. 20 dr Inventory(168*7) 1176

cr Account payable 1176

Jan. 27 dr Account receivable 1188

cr Sales(108*11) 1188

Jan. 31 dr cost of goods sold 1633

cr inventory 1633

87*4=348

24*4=96

82*6=492

59*6=354

49*7=343

COGS= 1633

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Details Dr ($) Cr ($) 

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To record the sale of treasury stock.

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To record the sale of the remaining treasury shares

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Details $

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