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See the transactions in the picture presented a. Record the journal entries of the transactions on Nov 6th, (Assuming the purchase is on credit, 4
See the transactions in the picture presented
a. Record the journal entries of the transactions on Nov 6th, (Assuming the purchase is on credit, 4 points)
b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations, 4 points)
c. How much is the gross profit in November?
Nov 1 Nov 6 Nov 14 Nov 19 Nov 25 Nov 30 Inventory 140 units at $25 Credit Sales 60 units at $30 (Selling price) Purchase 100 units at $22 Credit Sales 80 units at $30 (Selling price) Credit Sales 60 units at $30 (Selling price) Purchase 70 units at $20Step by Step Solution
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