The inventory records of Thimble Company show the following:Mar.1Beginning inventory consists of 10 units costing $40 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.
RECOMMENDED!!The inventory records of Thimble Company show the following
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