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please help complete both entries, ty Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending
please help complete both entries, ty Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation in or $11.800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale 1. Calculate the following items (a) Cost of goods sold (b) Goods available for sale (c) Beginning Inventory 1 B Amount 2 Beginning Inventory 3 Goods Available for Sale 4 Cost of Goods Sold 2. Prepare the 2022 year-end Inventory adjusting entries. If Parco uses a periodic inventory system (if no entry required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entry worksheet Record the period end inventory adjustment (if any). Note: Entet debits before credits Entry General Journal Debit Credit 1 Record entry Clear entry View general Journal 3. Prepare the 2022 year-end inventory adjusting entries, If Parco uses a perpetual inventory system (if no entry required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entry worksheet
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