1 . Flint Co . records purchase discounts lost and uses perpetual inventories. Prepare journal entries in...
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Flint Co records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following:a Purchased merchandise costing $ with terms nb Payment was made thirty days after the purchase Dill Co records purchases at net amounts and uses periodic inventories. Prepare entries for the following:June : Purchased merchandise on account, $ terms nJune : Returned part of June purchase, $ and received credit on account During June, the following changes in inventory item took place:June Balance: units @ $June Purchased: units @ $JunePurchased:units @ $June Sold: units @ $JuneSold:units @ $JuneSold:units @ $Perpetual inventories are maintained.Instructions:What is the cost of the ending inventory for item under the following methods? Show calculations.a FIFO b LIFO
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College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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