E6-28B (L earn i ng Obj ec tiv es 1 , 2: S ho w ho w t o acco u n t f or i n v en t ory t ransac ti

E6-28B (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Thames Corporation yield the following data for the year ended March 31, 2012:

 

Inventory,   March   31,   2011 …………………………………………………………….	$  9,000
Purchases of inventory (on account)…………………………………………………	48,000
Sales of inventory—79% on account; 21% for cash (cost $38,000) ………	72,000
Inventory at FIFO, March 31,    2012 …………………………………………………	19,000

 

Requirements

1.    Journalize Thames’ inventory transactions for the year under the perpetual system.

2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.

 

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