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Given the following information, what journal entry does Lil Wayne's company make to COGS if they use FIFO periodic inventory method and count 120 units at the end of the year inventory count? Use a positive for a debit, negative for a credit. Date Units Purchased  Cost per Unit  Beginning Inventory 80  $   4.20 3/31/2021 160  $   4.45 10/31/2021 100  $   4.90

Given the following information, what journal entry does Lil Wayne's company make to COGS if they use FIFO periodic inventory method and count 120 units at the end of the year inventory count? Use a positive for a debit, negative for a credit. Date Units Purchased  Cost per Unit  Beginning Inventory 80  $   4.20 3/31/2021 160  $   4.45 10/31/2021 100  $   4.90

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Given the following information, what journal entry does Lil Wayne's company make to COGS if they use FIFO periodic inventory method and count 120 units at the end of the year inventory count? Use a positive for a debit, negative for a credit.

Date Units Purchased  Cost per Unit 
Beginning Inventory 80  $   4.20
3/31/2021 160  $   4.45
10/31/2021 100  $   4.90
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