Belfast uses the FIFO cost flow assumption. All purchases and sales are on account.

Instructions

a$)$ Assume Belfast uses a periodic system. Prepare all necessary journal entries, including

the end$-$of$-$month closing entry to record cost of goods sold. A physical count indicates

that the ending inventory for November is $400$ units.

b$)$ Assume Belfast uses a perpetual system. Prepare all necessary journal entries.

a$)$