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Prepare journal entries for December

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Reference no: EM132868205

Question - Northhills Super Save uses a perpetual inventory system and reports the following transactions for the month of December for one of its products:

Date

Explanation

Units

Cost/Price

December 1

Beginning inventory

6

$40.00

December 6

Purchase

4

42.00

December 11

Sale

7

100.00

December 24

Purchase

12

43.40

December 26

Purchase

5

44.00

December 31

Sale

10

100.00

Required -

A. Prepare inventory records using:

i. The FIFO method

ii. The LIFO method

iii. The weighted average method

B. Under each of the methods you prepared in part a) above, compute Sales, Cost of Goods Sold and Gross Profit.

C. Prepare journal entries for December 26 and December 31 under all methods.

Reference no: EM132868205

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