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Prepare all corresponding current year journal entries

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Reference no: EM131975020

Question - Smith has the following information.

• beginning inventory of 260 units at $7.00/unit

• purchased 500 units of inventory at $8.00/unit

• sold 586 units of inventory for $15/unit

Assume units purchased on credit

Assume units sold on credit

Assume FIFO method

Required: Prepare all corresponding current year journal entries under the perpetual method.

Reference no: EM131975020

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