Jennings Company Uses FIFO Inventory Costing

question 95

Essay

Jennings Company uses FIFO inventory costing.At the end of the annual accounting period,December 31,2019,the accounting records for the best-selling item in inventory showed the following:
Calculate the following:
1.Goods available for sale
2.Ending inventory
3.Cost of goods sold

---

Definitions:

Excess Reserves

The amount of reserves that a bank holds beyond the required minimum, often held in the central bank to lend to other banks or as currency in circulation.

Required Reserves

The minimum amount of funds that a bank is required to hold in reserve against deposits, as mandated by central banking regulations.

Demand Deposits

Bank accounts that allow the holder to withdraw funds without prior notice, such as checking accounts.

Time Deposits

Savings accounts or certificates of deposit that hold a fixed sum of money for a specified period of time, during which the depositor cannot withdraw the funds without penalty.