NVENTORY:

January $1-$ You have a beginning balance in inventory of $$20,000(5$ items$).$ During the year you purchase an additional $5$ items for $$5,000$ each with terms of $75\%$ down and the rest due in $1$ year. You sell $8$ items during the year for $$7,000$ each. Customers paid you $50\%$ 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.

$\backslash$table$[[$Ref#$,$Journal Entry$/$Description$,$Debit,Credit$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Cash

Acct

Pay

Acct

Rec

Invent

COGS