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Prepare journal entries to record purchases and sales

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Reference no: EM132757248

Problem - Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert ski during November:

Date Explanation Units Unit Cost/Price

Nov. 1 Beginning inventory 34 $296

Nov. 5 Purchases 23 301

Nov. 12 Sales (40) $461

Nov. 19 Purchases 42 306

Nov. 22 Sales (48) 513

Nov. 25 Purchases 33 311

44

Required - Prepare journal entries to record purchases and sales for Snow-Tech in a periodic inventory system using average cost.

Reference no: EM132757248

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