Question: Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000 on December 31, 20X1. Sales were $1,200,000. Prepare

Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000 on December 31, 20X1. Sales were $1,200,000. Prepare summary journal entries for 20X1 for sales and cost of goods sold (omit explanations).

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