Answer:
Explanation:
Perpetual Inventory Record
Date Description Qty Unit price Dr Cr
July 1 Balance B/f 6 $110 $660
July 7 Purchases 12 $112 $1,344
July 11 Sales 17 $195 $3,315
July 19 Purchases 15 $114 $1,710
July 28 Sales 12 $195 $2,340
Ending Inventory using FIFO is 4 @ $114 = $456
Cost of goods sold using FIFO = $660+ $1,344+$1,254 = $3,258
Journal Entries
Purchases A/c Dr Cr
July 7 Purchases $1,344
July 19 Purchases $1,710
Sales A/c Dr Cr
July 11 Sales $3,315
July 28 Sales $2,340
Account Receivable a/c Dr Cr
July 11 Sales $3,315
July 28 Sales $2,340
Account Payable a/c Dr Cr
July 7 Purchases $1,344
July 19 Purchases $1,710
