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what are the journal entries Financial Data of Bob's Bacon House Inc. for the Year 20XX Finished Goods inventory purchased from suppliers on account 2

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Financial Data of Bob's Bacon House Inc. for the Year 20XX Finished Goods inventory purchased from suppliers on account 2 3 2/10/20xx 10,000 units $26 each 6/12/20XX 15,000 units@$28 each 5 1 10/23/20XX 12,000 units@ $29 each 11/25/20xX 8,000 units$30 each Bob's Bacon House Inc. uses periodic inventory system and LIFO costing method. All purchases and sales are made on account 8 2 Payments made to suppliers on account during 20XX are $1,124 450 9 3 Sales made to customers on account are 49,356 units @$36 each 10 4 Cash collected from customers during 20XX is $1,750,700 11 5 Total interest paid on notes payable and bonds payable amounted to $17 415 12 6 Rental income on property leased out is $25,650 Bob's Bacon House Inc. was operating a retail store in Chicago. Original cost of 7 building and equipment was $120,000 with a book value of $95,000. During 20XX, New York Traders disposed of this store at a loss of $35,800 Bob's Bacon House Inc wants to make an allowance for doubtful debts at 2% on accounts receivable for the year 20XX 13 8 14 Selling and administrative expenses are $128,475. These expenses include $56,000 depreciation expense on building and equipment but exclude bad debts expenses 15 10 16 Income tax expense paid is $90,500. Bob's Bacon House income tax rate for 20XX is 30% Clipboard Font Alignment B12 1 Inventory 260,000 420,000 348,000 240,000 Purchased To record for inventory purchased from suppliers) 1,268,000 2 Accounts Payable 1,124,450 Payment. 1,124,450 To record for payment made to supplier. 3 1,776,816 1,776,816 1,750,700 1,750,700 17,415 17,415 25,650 25,650

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