Cousins Company had the following transactions for the month of January: Assume that Cousins uses the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare journal entries for the above transactions using the FIFO cost flow method.
b) Determine the amount of ending inventory using the FIFO cost flow method.

Question

Cousins Company had the following transactions for the month of January:  Assume that Cousins uses the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare journal entries for the above transactions using the FIFO cost flow method.
b) Determine the amount of ending inventory using the FIFO cost flow method.

Quizplus · Accepted Answer

The Answer of Cousins Company had the following transactions for the month of January:  Assume that Cousins uses the perpetual inventory method and that all transactions were for cash.
Required:
a) Prepare journal entries for the above transactions using the FIFO cost flow method.
b) Determine the amount of ending inventory using the FIFO cost flow method.

Cousins Company Had the Following Transactions for the Month of January