Post as journal entries

During the second month of operations, Jodi decides to add another lure model, as well as offering bait sales. She will use the FIFO cost assumption under a perpetual system for each of the merchandise inventory items. For the bait inventory, she will use a periodic system and adjust cost of goods sold at the end of each month. During the second month of operations, Jodi decides to add another lure model, as well as offering bait sales. She will use the FIFO cost assumption under a perpetual system for each of the merchandise inventory items. For the bait inventory, she will use a periodic system and adjust cost of goods sold at the end of each month