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Chapter 8 Extra Credit Name: Date: 1. A record of transactions for the month of...

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Chapter 8 Extra Credit Name: Date: 1. A record of transactions for the month of November was as follows (all dollar amounts are ner unit): Purchases Sales Nov. 1 (balance) 500 @ $6.10 Nov. 3 400 @ $9.00 8 700 @ $6.60 12 9.50 14 300 $6.90 18 9.50 29 500 @ $7.55 400 @ 650 @ Assuming that perpetual inventory records are kept in dollars. 1) Determine the dollar value of the ending inventory using FIFO. Answer: 2) Determine the total cost of goods sold amount for the month using FIFO. Answer: 3) Record the journal entry for the sale on 11/12: JOURNAL Date Description Post Ref. Debit Credit

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