Use the data in Exercise.

Requirements
Journalize the following for the periodic system:
1. Total December purchases in one summary entry. All purchases were on credit.
2. Total December sales in a summary entry. Assume that the selling price was $315 per unit and that all sales were on credit.
3. December 31 entries for inventory. Saxton uses LIFO. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account.
4. Show the computation of cost of goods sold by the cost-of-goods-soldmodel.

Transcribed Image Text:

Dec 1 6 units @ $60 = $360 Beginning inventory Purchase 4 units @ $60 = 240 Purchase....13 units @ $70 910 15 26