Question - The inventory records of Thimble Company show the following:
Mar. 1 Beginning inventory consists of 10 units costing $40 per unit.
3 Sold 5 units at $94 per unit.
10 Purchased 16 units at $48 per unit.
12 Sold 8 units at $96 per unit.
20 Sold 7 units at $96 per unit.
25 Purchased 16 units at $50 per unit.
31 Sold 8 units at $96 per unit.
Assume all purchases and sales are made on credit.
Using the FIFO perpetual inventory procedure, make the appropriate journal entries for March.