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Prepare journal entries for perpetual inventory methods

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Question - Axiom limited is deciding whether it will use the periodic or perpetual method of accounting for inventory. The firm uses FIFO and has 10 units of inventory worth $50 each on hand at the start of the period. The following information is provided:

1. Purchased 20 units of inventory at $60 each on credit from suppliers.

2. Returned 1 of those units of inventory to suppliers.

3. Sold 12 units on credit to customers for $200 each.

4. A customer returned 2 units that had arrived damaged. They were destroyed.

5. A stock take revealed 14 units on hand at the end of the period.

Required: Prepare relevant journal entries for both the perpetual and periodic inventory methods.

Reference no: EM132083921

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