UUTIVT R AssignmentSessionLocator &inprogress=false Google Password Required Enter your password for blake.comeaux in Internet Ace eBook Calculator Print Item Prepare journal entries to record the following transactions, assuming periodic Inventory updating and first-in, first-out (FIFO) cost allocation. Number Cost of Units per Unit A. Jan. 2, purchased merchandise for resale 320 B. Jan. 12, purchased merchandise for resale C. Jan. 16, sold merchandise for $43 per unit 210 If an amount box does not require an entry, leave it blank. 190 Jan. 2 Purchases Accounts Payable Jan. 12 Purchases Accounts Payable Jan. 16 Accounts Receivable Sales Revenue Check My Work What accounts are used when recording purchases and sales using the periodic inventory system? How is the cost determined for each inventory purchase? Check My Work Previous