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April 20, 2014

Homework Help: accounting

Posted by Jo on Sunday, October 31, 2010 at 2:46pm.

A company that uses perpetual inventory system made the following cash purchases and sales:
January 1 Purchased 100 units at $10 per unit.
February 5: Purchased 60 units at $12 per unit.
March 16: Sold 40 units for $16 per unit.
Prepare general journal entries to reord the March 16 sales assuming a FIFO method is used

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