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Prepare the entries to record the sale on account

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Question - FIFO The Holly Corporation made the following merchandise purchases during the current year: Date Qty Transaction Cost per unit Jan. 1 280 Purchased at $20 Feb.14 150 Sold May 1 350 Purchased at $21 June 10 300 Sold July 5 400 Purchased at $22 Sept. 13 200 Sold Oct. 1 150 Purchased at $23 There was no beginning inventory. Holly Corporation uses FIFO to estimate inventory and uses the perpetual inventory method.

a. Calculate the ending value of inventory on hand.

b. Assuming the September 13 sales was at a selling price of $45 per unit on credit. Prepare the entries to record the sale on account and cost of goods sold on that date.

Reference no: EM133094594

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