The inventory records of Thimble Company show the following: Assume all purchases and sales are made on

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The inventory records of Thimble Company show the following:

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Assume all purchases and sales are made on credit.
Using FIFO perpetual inventory procedure, prepare the appropriate journal entries for March.

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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 inventory records of Thimble Company show the following: Assume all purchases and sales are made on

Question:

Mar. 1 Beginning inventory consists of 10 units costing $40 per unit. 3 Sold 5 units at $94 per unit. 10 Purchased 16 units at $48 per unit. 12 Sold 8 units at $96 per unit. 20 Sold 7 units at $96 per unit. 25 Purchased 16 units at $50 per unit. 31 Sold 8 units at $96 per unit.

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Financial Accounting A Business Perspective

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