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.

  

Date	Transaction	Description
Mar. 5	Purchased	190 items @	$	99
Apr. 10	Sold	115 items @	$	193
June 19	Sold	125 items @	$	193
Sept. 16	Purchased	140 items @	$	104
Nov. 28	Sold	105 items @	$	198
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.)

Answer 1

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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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