The ski shop began february with an inventory of 50 ski

Reference no: EM13589409

The Ski Shop began February with an inventory of 50 ski vests that cost a total of $1,500, with each costing $30. The store purchased and sold merchandise on account as follows:

Purchase 160 vests @ $35
Sale 1100 vests @ $60
Purchase 280 vests @ $40
Sale 270 vests @ $70

Assume that Ski Shop uses the FIFO cost method. Cash payments on account totaled $5,100. Operating expenses were $2,400; the store paid two-thirds in cash and recorded the rest as accounts payable.

1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise.

2. Make journal entries to record the store's transactions.

Reference no: EM13589409

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