Essay
A company uses the periodic inventory system and the following information is available.All purchases and sales are on credit.
1.)Prepare the general journal entries to record:
The October 6 purchase.
The October 12 sale.
2.)Assuming the periodic inventory system is used,determine both the cost of the ending inventory and the cost of goods sold using the LIFO method for October.
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1.Journal entries:
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\[\begin{array} { | ...
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