The proper journal entry to record the receipt of inventory purchased on an account in a periodic inventory system would be purchases Janeway first purchases $1600 accounts payable six teen hundred dollars Janeway first merchandise inventory $1600 accounts payable $1600

nment/takeAssignmentMain.do?invoker-assignments&ta take&inpr SIC Student Login-One... Document Maintena.. Calculator Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round Interim caculations to one decim 30 units @ $118 60 units @ $130 10 units@ $138 100 units $142 Merchandise Inventory Merchandise Soid Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost All work saved