ky9ISBEJSFw_COcdAkoasellomkklxz_7Cfsv7k/edit ad-ons Help All changes saved in Drive Times New... - 12 - BIVA - SEE EEEEX 11. Prepare journal entries to record cach of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Purchased 1,000 units of product at a cost of $45 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 2. Returned 30 defective units from the November 2 purchase and received full credit. Paid the amount due from the November 2 purchase, minus the return on November 5. Description Q Search or type URL ng 2020.docx -pring 2020.docx 2 Spring 2020.docx (27.3 KB) 14. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Units Unit Cost Beginning inventory on January 1350 $ 3.40 Purchase on January 9 8 0 3.60 Purchase on January 25 110 3.70 Required: Assume the perpetual inventory system is used. A. Determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. B. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method. QEZU67954 20.docx ng 2020.docx ing 2020.docx (27.3 KB) 14. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Units Unit Cost Beginning inventory on January 1350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70 Required: Assume the perpetual Inventory system is used. A. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. B. Determine the costs assigned to ending Inventory when costs are assigned based on the LIFO method