Halton Prosthetics uses the periodic inventory system and had the following transactions: a. Purchase of inventory on

Question:

Halton Prosthetics uses the periodic inventory system and had the following transactions:
a. Purchase of inventory on account, $2,000
b. Sale of inventory on account for $3,100
c. Closing entries:
(1) Beginning inventory, $480
(2) at FIFO cost, $670
(3) Purchases, $2,000
(4) Cost of goods sold at FIFO cost, $1,810
Requirement
1. Journalize the transactions for the company.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...