The following inventory transactions apply to Duncan Steel Company for 2016: The beginning inventory consisted of 180
Question:
The following inventory transactions apply to Duncan Steel Company for 2016:
The beginning inventory consisted of 180 units at $10 per unit. All transactions are cash transactions.
Required
a. Record these transactions in general journal format assuming Duncan Steel Company uses the FIFO cost flow assumption and keeps perpetual records.
b. Compute the ending balance in the Inventory account.
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Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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