Pam’s Creations had the following sales and purchase transactions during 2016. B
ID: 2542095 • Letter: P
Question
Pam’s Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Pam’s Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Explanation / Answer
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Inventory valuation (FIFO)
Date
Receipt
Issue
Balance
Quantity
Rate
Amount
Quantity
Rate
Amount
Quantity
Rate
Amount
01-Jan
0
0
210
89
18690
0
05-Mar
190
99
18810
0
210
89
18690
190
99
18810
10-Apr
0
115
193
22195
95
89
8455
190
99
18810
19-Jun
0
125
193
24125
160
99
15840
16-Sep
140
104
14560
0
160
99
15840
140
104
14560
28-Nov
0
105
198
20790
55
99
5445
140
104
14560
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Inventory valuation (FIFO)
Date
Receipt
Issue
Balance
Quantity
Rate
Amount
Quantity
Rate
Amount
Quantity
Rate
Amount
01-Jan
0
0
210
89
18690
0
05-Mar
190
99
18810
0
210
89
18690
190
99
18810
10-Apr
0
115
193
22195
95
89
8455
190
99
18810
19-Jun
0
125
193
24125
160
99
15840
16-Sep
140
104
14560
0
160
99
15840
140
104
14560
28-Nov
0
105
198
20790
55
99
5445
140
104
14560
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