Rio Company uses the FIFO inventory costing method and has a perpetual inventory system.All purchases and sales were cash transactions.The records reflected the following for January,2019:
Determine the following:
A.2019 cost of goods available for sale
B.2019 cost of goods sold
C.2019 ending inventory
D.The journal entries for January 6 and 10.

Question

Rio Company uses the FIFO inventory costing method and has a perpetual inventory system.All purchases and sales were cash transactions.The records reflected the following for January,2019:
  Determine the following:
A.2019 cost of goods available for sale
B.2019 cost of goods sold
C.2019 ending inventory
D.The journal entries for January 6 and 10.

Quizplus · Accepted Answer

The Answer of Rio Company uses the FIFO inventory costing method and has a perpetual inventory system.All purchases and sales were cash transactions.The records reflected the following for January,2019:
  Determine the following:
A.2019 cost of goods available for sale
B.2019 cost of goods sold
C.2019 ending inventory
D.The journal entries for January 6 and 10.

Rio Company Uses the FIFO Inventory Costing Method and Has