Accounting records for Jubilee Corporation yield the following data for the year ended June 30, 2021 (assume sales returns are nonexistent): 

Requirements 

1. Journalize Jubilee’s 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.

Transcribed Image Text:

Inventory, June 30, 2020..... Purchases of inventory (on account). Sales of inventory-77% on account; 23% for cash (cost $49,000). Inventory at FIFO, June 30, 2021. $ 7,000 61,000 100,000 19,000