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Question - At December 31 last year, the company's inventory amounted to $200,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows:
January 10 Sold one telescope costing $80,000 for cash
January 25 Purchased merchandise on account for $70,000.
a) Compute the balance of the Inventory account on January 31.
b) Prepare journal entries to record these transactions using the perpetual inventory system.
c) Prepare journal entries to record these transactions using the periodic inventory system.
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