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January 1 - You have a beginning balance in inventory of $ 1 0 0 , 0 0 0 ( 1 0 items ) .

January 1- You have a beginning balance in inventory of $100,000(10 items). During the year you purchase an additional 5 items for $12,000 each with terms of 50% down and the balance due next year. You sell 13 items during the year for $20,000 each. Customers paid you 60% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions.
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