The Fireplace Shop had the following sales and purchase transactions during 2012. Beginning inventory consisted of 60
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The Fireplace Shop had the following sales and purchase transactions during 2012. Beginning inventory consisted of 60 items at \(\$ 350\) each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.
Required
a. Record the inventory transactions in general journal format.
b. Calculate the gross margin The Fireplace Shop would report on the 2012 income statement.
c. Determine the ending inventory balance The Fireplace Shop would report on the December 31, 2012 , balance sheet.
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