Lally Company accounting records yield the following data for the year ended December 31, 2023: Required 1.
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Lally Company accounting records yield the following data for the year ended December 31, 2023:
Required
1. Journalize Lally Company’s inventory transactions for the year in a perpetual system. Use December 31 as the transaction date. No explanations are necessary.
2. Report ending inventory, sales, cost of goods sold, and gross margin on the appropriate financial statement.
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Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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