Select Page

The inventory records of Thimble Company show the following:Mar.1Beginning inventory consists of 10 units costing per unit.3Sold 5 units at $94 per unit.10Purchased 16 units at $48 per unit.12Sold 8 units at $96 per unit.20Sold 7 units at $96 per unit.25Purchased 16 units at $50 per unit.31Sold 8 units at $96 per unit.Assume all purchases and sales are made on credit.Using the FIFO perpetual inventory procedure, make the appropriate journal entries for March.