Journal Entries, Periodic Inventory System Refer to the data in the preceding problem. Inventories were December 31,

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Journal Entries, Periodic Inventory System Refer to the data in the preceding problem. Inventories were December 31, 20X0, $71,000 and December 31, 20X1, $120,000. Sales were $1,250,000. Prepare summary journal entries for 20X1 for sales and cost of goods sold. Omit explanations.

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