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Describe the costing method

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Reference no: EM131751939

Question: Prepare journal entries for the following transactions using your choice of costing method (i.e. either FIFO, LIFO, or Weighted Average). Be sure to indicate the method used at the top of the inventory costing worksheet.

2-May Purchase 10,000 units of inventory on credit or $50,000. Credit terms are 1/30,n/90

4-May Purchase 8,000 units of inventory with $48,000 cash

6-May Sell 6,500 units of inventory for $65,000 cash

10-May Sell 4,500 units of inventory on credit for $54,000. Credit terms are 2/10,n/30

15-May Purchase 12,000 units of inventory with $54,000 cash

16-May Buyer from 5/6 received 500 damaged units, send $5,000 cash refund

20-May Receive payment from 5/10 buyer, discount is taken

30-May Send payment for 5/2 inventory purchased, take discount

Reference no: EM131751939

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