Reference no: EM133073448

Question - Lorenson Corporation presents you with their inventory transaction for November 2020 to record in their data. Opening inventory was $132,150.

01-Nov Purchased 22,500 units of inventory on account for $236,300.

05-Nov Freight charged by the supplier (also on account) for the above transaction was $26,950.

09-Nov Some of the goods in the above order were damaged. They were able to negotiate a purchase allowance of $15,900 to be applied to their account.

12-Nov They returned $31,200 of goods to the supplier for credit on their account.

15-Nov A purchase discount was received on the order of $16,540.

15-Nov Payment of $199,610 is made on the above account.

30-Nov Sales to customers on account for the month totaled $516,030.

30-Nov Cost of goods sold on the sales for the month was $206,400.

30-Nov At the end of the month an inventory count is performed and they find there is $90,300 of inventory left on hand.

Required - Prepare the entries required under the periodic system. Journal entry descriptions are NOT required. If no entry is needed state this and why.