Question

Journalize each transaction:
April 1- We buy 4 items at 10 cents per item
April 3- We sell 2 items for $1 per item for cash
April 6- We buy 4 items at 12 cents per item
April 12- We sell 3 items at $1 per item for cash
April 20- We buy 4 items at 15 cents per item
April 27- We sell 5 items at $1 per item for cash
What is ending inventory & cost of goods sold in the perpetual system, using FIFO, LIFO and Average Cost methods?
1. Recod all transactions in a general journal for the month of April using the perpetual inventory system for all 3 costing methods, FIFO, LIFO, & average cost.
2. Set up T Accounts for inventory and cost of goods sold, for each cost method, post the entries from the journal and determine the ending balances as of April 30.

Answer 1