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EB11. 10.3 Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. Number

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EB11. 10.3 Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. Number of Units Unit Cost Nov. 19. purchased merchandise for resale 1.200 $6 Nov. 22. purchased merchandise for resale 980 5 Nov. 30, sold merchandise for $10 per unit 850

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