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17 to January 31, 2018. Required: For each transaction, record the initial journal entry and the adjusting entry required on December 31, 2017. Q.no.3. The Cyber Company uses a perpetual inventory system. The beginning balance of inventory and purchases made by the company during the month of July 2019 are given below: Marks 10 July 01: Beginning Inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. . . The Cyber company sold 1,400 units during the month of July. Required: Compute inventory on July 31, 2019. And Cost of Goods Sold for the month of July using the following inventory methods. 1. FIFO 2. Average cost method Accounting TIRI Last Quiz