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2. Record journal entries for the following purchase transactions of Apex Industries, assuming perpetual inventory system is used. Nov. 6 Purchased 24 computers on credit
2. Record journal entries for the following purchase transactions of Apex Industries, assuming perpetual inventory system is used. Nov. 6 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. 3. Record the journal entries for the following sales transactions of Apache Industries. Nov. 7 Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14 The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21 The customer paid their account in full from the November 7 sale. 4. Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions and using FIFO, LIFO and Weighted average (consider perpetual inventory system). Number of Units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 52 Sold 400 $80 Sold 350 90 Ending inventory 650
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