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, 2016: Required:
Determine the following:
A.2016 cost of goods available for sale
B.2016 cost of goods sold
C.2016 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, 2016:  Required:
Determine the following: 
A.2016 cost of goods available for sale
B.2016 cost of goods sold
C.2016 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, 2016:  Required:
Determine the following: 
A.2016 cost of goods available for sale
B.2016 cost of goods sold
C.2016 ending inventory
D.The journal entries for January 6 and 10.

Rio Company Uses the FIFO Inventory Costing Method and Has