Delta Company uses a perpetual inventory system and accounts for its inventory using the FIFO method. During May, the company made the following purchases and sales:
Beginning inventory: units @ $unit
May : Purchased units@ $ unit
May : Sold units @ $unit
May : Purchased units @$ unit
Question
Multiple Choice
Question
Accounting Dro
May : Sold units @ $ unit
In addition to the journal entries to record the sales revenue on May and May what entries will Delta make to record cost of goods sold and adjust the inventory account?
May : Debit Cost of Goods Sold $ Credit Inventory $
May : Debit Cost of Goods Sold $ Credit Inventory $
May : Debit Cost of Goods Sold $ Credit Inventory $
May : Debit Cost of Goods Sold $ Credit Inventory $
May : Debit Cost of Goods Sold $ Credit Inventory $
May : Debit Cost of Goods Sold $ Credit Inventory $
