The Kent Company's inventory records reflects the following for the month of October 2013 Assuming that Kent 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, 2013
(b) Prepare the journal entry for the sale of inventory on October 31, 2013

Question

The Kent Company's inventory records reflects the following for the month of October 2013  Assuming that Kent 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, 2013
(b) Prepare the journal entry for the sale of inventory on October 31, 2013

Quizplus · Accepted Answer

The Answer of The Kent Company's inventory records reflects the following for the month of October 2013  Assuming that Kent 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, 2013
(b) Prepare the journal entry for the sale of inventory on October 31, 2013

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