Reference no: EM132484730

Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 200 items at $88 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date Transaction Description

Mar. 5 Purchased 180 items @ $ 98

Apr. 10 Sold 110 items @ $ 191

June 19 Sold 195 items @ $ 191

Sept. 16 Purchased 130 items @ $ 103

Nov. 28 Sold 100 items @

Required

Question a. Prepare a inventory transactions in general journal format.

1. Enter entry inventory purchased for cash.
2. Enter sale of inventory for cash.
3. Enter sale of inventory for cash.
4. Enter entry for cost of goods sold.
5. Enter entry for cost of goods sold.
6. Enter entry inventory purchased for cash.
7. Enter sale of inventory for cash.
8. Enter entry for cost of goods sold