The Curtis Company's inventory records reflects the following for the month of October 2016:
Assuming that Curtis Company uses the FIFO cost flow method in a perpetual inventory system:
(a)Calculate the cost of goods sold and the ending inventory for the month ending October 31,2016.
(b)Prepare the journal entry for the sale of inventory on October 31,2016.

Question

Quizplus · Accepted Answer

The Answer of The Curtis Company's inventory records reflects the following for the month of October 2016:
Assuming that Curtis Company uses the FIFO cost flow method in a perpetual inventory system:
(a)Calculate the cost of goods sold and the ending inventory for the month ending October 31,2016.
(b)Prepare the journal entry for the sale of inventory on October 31,2016.

The Curtis Company's Inventory Records Reflects the Following for the Month