Question

a Inventory i Saved EMUE 250 units@$9 125 units @$ 18 370 units@ $10 463 units $19 Purchased Jan. 1 Apr. 1 Aug. 1 Dec.1 Sold Purchased Sold The beginning inventory consisted of 195 units at $10 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assum records. (If no entry is required for a transaction/event, select "No journal entry required" in the firs view transaction list Journal entry worksheet 6 Record entry for cost of goods sold.

Answer 1

Date	General Journal	Debit	Credit
Jan. 1	Inventory (250 x $9)	2250
	Cash		2250
	(To record inventory purchased)
Apr. 1	Cash (125 x $18)	2250
	Sales revenue		2250
	(To record cash sales)
Apr. 1	Cost of goods sold	1250
	Inventory		1250
	(To record the cost of goods sold)
Aug. 1	Inventory (370 x $10)	3700
	Cash		3700
	(To record inventory purchased)
Dec. 1	Cash (463 x $19)	8797
	Sales revenue		8797
	(To record cash sales)
Dec. 1	Cost of goods sold	4380
	Inventory		4380
	(To record the cost of goods sold)

Working:

Date	Purchased			Cost of Goods Sold			Balance in Inventory
	Units	Unit cost	Total $	Units	Unit cost	Total $	Units	Unit cost	Total $
Jan. 1							195	10	1950
Jan. 1	250	9	2250				195	10	1950
							250	9	2250
Apr. 1				125	10	1250	70	10	700
							250	9	2250
Aug. 1	370	10	3700				70	10	700
							250	9	2250
							370	10	3700
Dec. 1				70	10	700
				250	9	2250
				143	10	1430	227	10	2270
				463		4380