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Prepare entries to record the purchase of inventory

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Reference no: EM132834275

Question - Brando, Inc, had the following data for the year ended December 31, 2017:

Beginning inventory $200,000

Purchases on credit during the year 500,000

Cost of goods sold during the year 600,000

Sales (70% on credit) during the year 950,000

Required -

a. Prepare entries to record the purchase of inventory, cost of goods sold, and sales, during 2017 using the perpetual inventory system.

b. Compute the balance in the Inventory account on December 31, 2017.

Reference no: EM132834275

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