An entity is a wholesaler of office supplies. The activity for Model III calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as Date Balance/Transactions Units Cost Aug 1 Inventory 2,000 P36.00 7 Purchases 3,000 37.20 12 Sales 3,600 21 Purchases 4,800 38.00 Cele 2.800

An entity is a wholesaler of office supplies. The activity for Model III calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as Date Balance/Transactions Units Cost Aug 1 Inventory 2,000 P36.00 7 Purchases 3,000 37.20 12 Sales 3,600 21 Purchases 4,800 38.00 Cele 2.800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 7EA: Prepare journal entries to record the following transactions, assuming periodic inventory updating...

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