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Make the journal entries to record the purchase

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AliCO Inc. is a wholesale company that buys production-grade molasses in large quantities directly from the distiller. It stores molasses in a large tank farm and then resells the molasses to rum distillers to make high-grade rum. It uses the perpetual inventory system to keep track of the units of each part it buys and re-sells. During the month of November, the following transactions took place:

11/1

Balance: 8,000 gallons. @ $4.00/ut

11/2

Purchased: 10,000 gallons. @ $4.75/ut

11/11

Purchased: 6,000 gallons. @ $5.00/ut

11/12

Purchased: 3,000 gallons. @ $5.25/ut

11/15

Sold 23,000 gallons for a total sales price of $322,000.

11/18

Sold 2,000 gallons. for $11.00 ea.

11/19

Purchased: 5,000 gallons. @ $5.75/gallon

11/22

Sold 3,000 gallons. for $10.00 ea.

Question A. Using the FIFO method of costing inventory, complete the inventory record provided.

Question B. Make the journal entries to record the purchase on 11/2 and the sale on 11/15. Assume the purchase and sale are made on credit

Reference no: EM132556083

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