Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of merchandise on account during the year totaled $845,000. Merchandise costing $902,000 was sold on account for $1,420,000. Prepare the journal entries to record these transactions.

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A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000…

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Q: What amount should be reported as inventory at a year-end

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