The following transactions apply to Boston Books. Assume the use of the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare the journal entries for the above transactions, assuming a FIFO cost flow.
b) Determine the amount of ending inventory using a FIFO cost flow.

Question

The following transactions apply to Boston Books.  Assume the use of the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare the journal entries for the above transactions, assuming a FIFO cost flow.
b) Determine the amount of ending inventory using a FIFO cost flow.

Quizplus · Accepted Answer

The Answer of The following transactions apply to Boston Books.  Assume the use of the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare the journal entries for the above transactions, assuming a FIFO cost flow.
b) Determine the amount of ending inventory using a FIFO cost flow.

The Following Transactions Apply to Boston Books