Question
Home Hardware reported beginning inventory of 20 shovels, for a total cost of $140. The company had the following transactions during the month: Jan. 2
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Required:
1.
| Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
I have done all the journal entries except for the last two. I can't seem to figure out how to calculate the numbers.
January 31 Cost of Goods Sold(Dr.) Inventory(Cr.)
January 31 Inventory(Dr.) Cost of Goods Sold(Cr.)
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