Remove Conc CLICK HERE TO SAVE YOUR WORK 810 A B D E F 1 Periodic Inventory System (Version 2) G H K L M Pronghorn Ltd. had beginning inventory of 53 units that cost $105 each. During September, the company purchased 209 units on account at $105 2 cach, returned 9 units for credit, and sold 151 units at $204 cach. Pronghorn Ltd. values its inventory on the basis of first in first out (FIFO). 3 4 Instructions 5 a) Joumalize the September transactions, assuming that Pronghorn Ltd, uses a periodic inventory system. (6 marks) b) Assume that Pronghoth Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that 6 there are 102 units of inventory remaining at September 30. Prepare the necessary adjusting entry at September 30. (5 marks) 7 8 9 Accounts Debit Credit 10 a) 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 b) 14 > Periodic V2 New