(Click the icon to view the transactions.) Assume Noxon Distributors uses the FIFO cost method...
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(Click the icon to view the transactions.) Assume Noxon Distributors uses the FIFO cost method for valuing inventorics. The company uses a perpetual inventory system. Required 1. Prepare a perpetual inventory recond at FIFO cost, for this merchandise. 2. Make journal entries to record the company's transactions. Requirement 1. Prepare a perpetual inventory record, at FIFO cost for this merchandise. (Enter the oldest inventory layer first.) Transactions \begin{tabular}{|ll|} \hline March 10 & Purchased 37 units on account at $340. \\ Mareh 15 & Sold 4B units on account at $640 \\ March 22 & Purchased 78 units on account at $370. \\ March 29 & Sold 83 units on account at $740 \\ March 31 & Reported monthly operating expenses of $26,000. The company paid one-third with cash, and the rest was recorded on acoount. \\ March 31 & Paid \$33,000 of the Accounts Payable balance. \end{tabular}
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