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Problem
Pam's Creations had the following sales and purchase transactions during 2016. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Date
Transaction
Description
Mar. 5
Purchased
50 items @
$
370
Apr. 10
Sold
30 items @
450
June 19
60 items @
Sept. 16
70 items @
390
Nov. 28
45 items @
480
Required
a. Record the inventory transactions in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
b. Calculate the gross margin Pam's Creations would report on the 2016 income statement. (Amounts to be deducted should be indicated with a minus sign.)
c. Determine the ending inventory balance Pam's Creations would report on the December 31, 2016, balance sheet.
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