The following inventory transactions apply to TNT Company for 2011. The beginning inventory consisted of 175 units

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The following inventory transactions apply to TNT Company for 2011.
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The beginning inventory consisted of 175 units at $\$ 11$ per unit. All transactions are cash transactions.

Required

a. Record these transactions in general journal format assuming TNT uses the FIFO cost flow assumption and keeps perpetual records.

b. Compute the ending balance in the Inventory account.

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Fundamental Financial Accounting Concepts

ISBN: 978-0073527123

7th Edition

Authors: Thomas Edmonds

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Question Posted: May 15, 2024 08:02 AM

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The following inventory transactions apply to TNT Company for 2011. The beginning inventory consisted of 175 units

Question:

Jan. 1 Purchased 250 units @$10 Apr. 1 Sold 125 units @ $18 Aug. 1 Purchased 400 units @$11 Dec. 1 Sold 500 units @ $19

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Fundamental Financial Accounting Concepts

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