I am practicing how to do the journlaized inventory transactions under each of the methods : FIFO, LIFO, and weighted-average I just need help to make sure I'm doing everything correctly.The accounts are : cash, cost of gold sold, merchandise inventory, and sales revenue.The data table is hereDateDescription UnitsPer UnitJan 1Inventory on hand5,000$11Jan 3purchase9,000$13Jan 6sale8,500$23Jan 15purchase13,000$15Jan 22sale12,000$23make sure to use 2 decimal places for each of the numbers 4 03January FEODTOW13TPT10202427909022AccountExplanation22to record purchase of inventoryto record sale of merchandizeto record purchase of inventoryto record of cost of inventory soldPostRedDebitCreat ADate3 January LIFO03NOJ UD NO24567810111213142E223723223NA16202426290606152222Account/ExplanationBto record purchase of inventory.to record sale of merchandize.to record LIFO cost of inventory sold.to record purchase of inventory.to record sale of merchandize.to record LIFO cost of inventory sold.CRef.DDebitECreditF

Name: I am practicing how to do the journlaized inventory transactions under
Uploaded: 2024-03-04T10:43:15.000Z
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Description: I am practicing how to do the journlaized inventory transactions under each of the methods : FIFO, LIFO, and weighted-average I just need help to make sure I'm doing everything correctly.The accounts are : cash, cost of gold sold, merchandise invent

FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Answered: The accounts are : cash, cost of gold…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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I am practicing how to do the journlaized inventory transactions under each of the methods : FIFO, LIFO, and weighted-average

I just need help to make sure I'm doing everything correctly.

The accounts are : cash, cost of gold sold, merchandise inventory, and sales revenue.

The data table is here

Date	Description	Units	Per Unit
Jan 1	Inventory on hand	5,000	$11
Jan 3	purchase	9,000	$13
Jan 6	sale	8,500	$23
Jan 15	purchase	13,000	$15
Jan 22	sale	12,000	$23

make sure to use 2 decimal places for each of the numbers

4 03
January FEO
D
TO
W
13
TP
T
10
20
24
27
90
90
22
AccountExplanation
22
to record purchase of inventory
to record sale of merchandize
to record purchase of inventory
to record of cost of inventory sold
Post
Red
Debit
Creat

A
Date
3 January LIFO
03
NOJ UD NO
2
4
5
6
7
8
10
11
12
13
14
2E223723223NA
16
20
24
26
29
06
06
15
22
22
Account/Explanation
B
to record purchase of inventory.
to record sale of merchandize.
to record LIFO cost of inventory sold.
to record purchase of inventory.
to record sale of merchandize.
to record LIFO cost of inventory sold.
C
Ref.
D
Debit
E
Credit
F

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