Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver

تمرين 43

Journalizing periodic inventory transactions
Halton Prosthetics uses the periodic inventory system and had the following transactions:
a. Purchase of inventory on account, $2,000
b. Sale or inventory on account for $3,100
c. Closing entries:
(1) Beginning inventory, $480
(2) Ending inventory at FIFO cost, $670
(3) Purchases, $2,000
(4) Cost of goods sold at FIFO cost, $1,810
Requirement
1. Journalize the transactions for the company.