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Nantes Limited, which utilizes FIFO and a perpetual system, sells computer mice to households in Quebec. It is a cash-only business and does not receive
Nantes Limited, which utilizes FIFO and a perpetual system, sells computer mice to households in Quebec. It is a cash-only business and does not receive or provide payment on account. The table below shows the Nantes Limited's inventory transactions for July 2020: Sold Mice Selling Price Purchased Mice 140 Purchase Price $3.10 100 $5.00 Jul 1 Jul 11 Jul 17 Jul 22 Jul 25 Transaction Balance Sale Purchase Sale Purchase 60 $3.75 - 50 $5.25 40 $3.95 Required Prepare all required journal entries in good form for each transaction above. (30 marks)
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