Journal inventory transactions in the periodic system

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Reference no: EM13746404

(Journal inventory transactions in the periodic system; compute cost of goods sold) Use the data in Exercise 6A-3A.

Requirements

Journalize the following for the periodic system:

1. Total October purchases in one summary entry. All purchases were on credit.

2. Total October sales in a summary entry. Assume that the selling price was $300 per unit and that all sales were on credit.

3. October 31 entries for inventory. Cambridge uses LIFO. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account.

4. Show the computation of cost of goods sold by the cost-of-goods-sold model.

Reference no: EM13746404

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