P7-8
Required #1
Date
Account Name
Debit
Dec. 4
Accounts receivable
1440
Sales
Cost of sales
1440
1200
Inventory
Dec. 11
Inventory
Accounts payable
Credit
1200
2475
2475
Required #2
COS= number of units sold * amount per unit
FIFO(selling the first inventory first)
We sold 150 units and assuming we sell old units first, we sold 50, then 75 and (150-(50+75))= 125. So
lastly we sell 25 units.
COS: 50* 30$ + 75* 33 + 25 * 34 = $4825
Required #3
Required #4
Date
Dec. 31
Account Name
Debit
Credit
Required #5