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Assistance Needed ABBA uses the FIFO method of valuing inventory within a Periodic Inventory System. a . Record Journal Entries for the Purchases and sales
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ABBA uses the FIFO method of valuing inventory within a Periodic Inventory System.
aRecord Journal Entries for the Purchases and sales of inventory using the Periodic Inventory System. Determine the quantity, price and total value of the Ending Inventory using the FIFO Method. Make a journal entry to record the Ending Inventory and close out the purchases account to inventory.
bHow many units of Inventory are left in Ending Inventory?
What is the Unit Prices that will be used to determine FIFO Ending Inventory?
Calculate the value of Ending Inventory using the units and prices noted above.
cMake the journal entry below to record Ending Inventory under the FIFOPeriodic Inventory Method:Please view both provided screenshots.
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