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Record inventory transactions using a perpetual system (LO6-5)
Siatkowski Industries began the year with inventory of $78,000. Purchases of inventory on account during the year totaled $303,000. Inventory costing $328,000 was sold on account for $506,000.
Required:Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The following data are given on the sole product of Angel Trading - Prepare a comparative income statement
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