December 31 Adjusted for merchandise inventory. A total of 1,700 units are on hand. There was no beginning inventory. (Chapter 7)

Dec 9 Purchased 1200 @ 10.00

Dec 24 Purchased 1000 @ 10.20

1,700 units are on hand

FIFO valuation- First units purchased are first sold, therefore, start counting from the end.

Record the above transactions in a general journal. Show your work