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EZ PC Company is a wholesaler of face shield. At the beginning of the current year, the entity's inventory consisted or 90 boxes of case

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EZ PC Company is a wholesaler of face shield. At the beginning of the current year, the entity's inventory consisted or 90 boxes of case shield at P100 per box. The following are the transactions for the current year. January 5 Purchase 1,000 boxes of face shield for P100.00 per box on account, terms, 2/10,n/ 30 10 Returned 10 boxes of defective face shields and the supplier gave the credit 11 Paid 500 boxes of face shield purchased in January 5 14 Sold 120 boxes of face shield at P200 per box on account 17 Received 12 boxes of face shield returned by a customer and gave credit. The face shields are in good condition 24 Received payment for 90 boxes of face shield previously sold on account 31 Physical count at the month-end is 970 boxes. Required: 1. Prepare journal entries to record the transaction using the periodic inventory system. 2. Determine the cost of sales under the periodic inventory system. 3. Compute for the cost of the lost items if there is any

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