Business, 12.10.2020 19:01 silviamgarcia
Accounting records for Corporation yield the following data for the year ended , (assume sales returns are non-existent):
Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57,000
Sales of inventory – 84% on account; 16% for cash (cost $43,000) . . . .92,000
Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000
Requirement:
Journalize inventory transactions for the year under the perpetual system.
Answers: 1
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Accounting records for Corporation yield the following data for the year ended , (assume sales retur...
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