Accounting records for Dundas Corporation yield the following data for the year ended June 30, 2016:
Inventory, June 30, 2015 ............................................................ $7,000
Purchases of inventory (on account) ............................................... 60,000
Sales of inventory-79% on account; 21 % for cash (cost $40,000) .......... 90,000
Inventory at FIFO, June 30, 2016 ................................................. 27,000
Requirements
1. Journalize Dundas' inventory transactions for the year under the perpetual system.
2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.