BUAD 111 Simon Fraser University FIFO Inventory Record & Journal Entries Spreadsheet
Question Description
a. Prepare the FIFO inventory record (see Illustration 6.5 in the textbook) to determine the costof goods sold and ending inventory resulting from the inventory purchases and sales noted inthe transactions above. You will need the cost of goods sold to complete the journal entry forthe December 14 and 29 sales.
b. Prepare the journal entries for the transactions that occurred in December, 2021. Fortransactions affecting ‘Cash’, include the cheque number in the explanation.
c. Post the journal entries to the general ledger.d. Prepare an unadjusted trial balance.
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