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Prepare journal entries for these transactions using fifo

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Reference no: EM131706105

Question - The following are selected transactions and other data of the Custer Company:

Purchased 20 units at $360 per unit on account on 2010 September 18.

Sold 6 units on account for $576 per unit on 2010 September 20.

Discovered a shortage of $2,640 at year-end after a physical inventory.

Prepare journal entries for these transactions using FIFO perpetual inventory procedure. Assume the beginning inventory consists of 20 units at $336 per unit.

Reference no: EM131706105

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