Meadows Company sold 500 units of inventory at $25 per unit on account. The company uses the perpetual inventory system and the FIFO inventory costing method. The beginning inventory included 400 units at $15 per unit. The most recent purchases include 600 units at $18 per unit. Prepare the journal entries to record the sale. Omit explanations.
What will be an ideal response?
Sales Revenue = 500 units × $25 per unit = $12,500
Cost of Goods Sold = (400 units × $15 per unit) + (100 units × $18 per unit)
Cost of Goods Sold = $6,000 + $1,800
Cost of Goods Sold = $7,800
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