Accounting records for

RockfordRockford

Corporation yield the following data for the year ended

JuneJune

3030?,

20162016

?(assume sales returns are? non-existent):

Requirements

1.	Journalize Rockford'sRockford's inventory transactions for the year under the perpetual system.
2.	Report ending? inventory, sales, cost of goods? sold, and gross profit on the appropriate financial statement.

Requirement 1. Journalize

Rockford'sRockford's

inventory transactions for the year under the perpetual system. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)

The first transaction is the purchase of inventory. Record the entry.

Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$15,000
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	57,000
Sales of inventory 84% on account; 16% for cash (cost $43,000) . . . .	92,000
Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29,000