14 Mar (Learning Objectives 1, 2: Show how to account for
(Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Nashville Sales, Inc.’s inventory records for a particular development program show the following at August 31:At August 31, eleven of these programs are on hand. Journalize the following for Nashville Sales, under the perpetual system:1. Total August purchases in one summary entry. All purchases were on credit.2. Total August sales and cost of goods sold in two summary entries. The selling price was $575 per unit, and all sales were on credit. Assume that Nashville Sales uses the FIFO inventory method.3. Under FIFO, how much gross profit would Nashville Sales earn on these transactions? What is the FIFO cost of Nashville Sales, Inc.’s ending inventory?
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