Question

The following inventory transactions apply to Green Company for Year 2: Jan. 1 Apr. 1 Aug. 1 Dec. 1 Purchased Sold Purchased Sold 250 units @ $ 10 125 units @ $ 18 400 units @ $ 11 500 units @ $ 19 The beginning inventory consisted of 195 units at $11 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer 1

Book1 - Excel Sign in o X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do & Share Σ AutoSum Calibri - 14 Å Til ab Wrap Text General Normal Bad X Cut Es Copy Format Painter AY O HA H Fill - Paste BIU- A - % Merge & Center - Insert Delete Format Neutral .00 20 Conditional Format as Good Formatting - Table Styles Clear Sort & Find & Filter - Select Editing Clipboard Font Alignment Number Cells UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now X K9 X fie A B C D E F G H J K L M N O Р 1 2 3 Perpectual FIFO Cost Of Goods Sold Unit Sold Cost Per Unit Cost of Goods Sold 4 Units Goods Purchased Date Units Cost Per Unit Jan-01 Jan-01 250 $10 5 6 7 Inventory Balance Cost Per Unit Inventory Balance 195 $11 $2145 195 $11 $2145 250 $10 $2500 70 $11 $770 250 $10 $2500 70 $11 $770 250 $10 $2500 400 $11 $4400 8 Apr-01 125 $11 $1375 9 10 Aug-01 400 $11 11 12 13 Dec-01 14 70 $11 250 $10 180 $11 $770 $2500 $1980 15 220 $11 $2420 16 17 18 19 20 21 22 Sheet1 Sheet2 Sheet3 + Ready 100% O Type here to search 1 O a I ? () ENG 01:04 AM 14-09-2020

Book1 - Excel Sign in o X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do & Share Σ AutoSum Cut Es Copy Calibri - 12 Å lili ab Wrap Text General Normal Bad AY O HA H Fill - Paste BIU- A - % Insert Delete Format Merge & Center - Neutral .00 20 Format Painter Conditional Format as Good Formatting Table Styles Clear Sort & Find & Filter - Select Editing Clipboard Font Alignment Number Cells UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now X 18 X fie А B с D E F G H 1 J K L M N. 0 Р 0 R 1 a) 2 3 4. No 5 1) JOURNAL General Journal Date Debit ($) Credit ($) 2500 Jan-01 Inventory To Cash 6 2500 2250 Apr-01 Cash To Sales Revenue 2250 7 8 2) 9 10 11 3) 12 1375 Apr-01 Cost of Goods Sold To Inventory 1375 4400 Aug-01 Inventory To Cash 4400 9500 13 14 4) 15 16 17 5) 18 19 20 6) 21 22 23 Dec-01 Cash To Sales Revenue 9500 5250 Dec-01 Cost of Goods Sold To Inventory 5250 24 25 Sheet1 Sheet2 Sheet3 + Ready 100% 1 Type here to search TT a (0) ENG 01:04 AM 14-09-2020

Book1 - Excel Sign in o X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do & Share Σ AutoSum Cut Es Copy Calibri - 16 Å lili ab Wrap Text General Bad AY O HA Fill - Paste BIU- A - % Merge & Center - Insert Delete Format .00 Normal Conditional Format as Good Formatting Table Styles Neutral 20 Format Painter Clear Sort & Find & Filter - Select Editing Number Cells Clipboard Font Alignment UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps. Update now X 19 fic A B C D E F G H J K L M N O Р 0 R S T U V 1 2 b) 3 4 5 Cost Of Goods Sold = = $1375 + $770 + $2500 + $1980 = $6625 6 7 8 Cost Of Goods Sold $6625 9 10 11 12 13 14 15 16 17 18 19 Sheet1 Sheet2 Sheet3 + Ready 100% Type here to search I a (0) ENG 01:04 AM 14-09-2020