The following are selected transactions and other data of the Custer Company: 1. Purchased 20 units @

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The following are selected transactions and other data of the Custer Company:

1. Purchased 20 units @ $\$ 360$ per unit on account on September 18, 1999.

2. Sold 6 units on account for $\$ 576$ per unit on September 20,1999 .

3. Discovered a shortage of $\$ 2,640$ at year-end after a physical inventory.

Prepare journal entries for these transactions using FIFO perpetual inventory procedure. Assume the beginning inventory consists of 20 units @ $\$ 336$ per unit.

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Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

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Question Posted: Jun 16, 2024 04:14 AM

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The following are selected transactions and other data of the Custer Company: 1. Purchased 20 units @

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Financial Accounting A Business Perspective

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