At the beginning of the year, Cully Company had 400 units with a cost of $4 per
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At the beginning of the year, Cully Company had 400 units with a cost of $4 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Purchased 1,000 units on account for $4.50 per unit.
9 Sold 550 units on account for $10 each.
15 Sold 850 units for cash for $10 each.
Prepare journal entries to record the January transactions assuming that Cully Company uses a periodic inventory system under FIFO and Weighted average?
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Related Book For 
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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