a) Prepare journal entries to record the following transactions, assuming perpetual inventory system and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. (b) Prepare journal entries to record the following transactions, assuming periodic inventory system and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory.

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
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Problem 8PA: Prepare journal entries to record the following transactions, assuming perpetual inventory updating...
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(a) Prepare journal entries to record the following transactions, assuming perpetual inventory system and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory.

(b) Prepare journal entries to record the following transactions, assuming periodic inventory system and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory.

Date Description Number of Units Units Cost ($) Uint Sales Price ($)
May 1 Purchased 165 21  
May 10 Sold 120   36
May 12 Purchased 225 27  
May 20 Sold 180   39
May 28 Purchased 210 33  
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