Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system.
Refer to data exercise 6-34,
Tyler Company has the following information related to purchases and sales of one of its inventory items.

Required:
Prepare the journal entries to record these transactions on the books of Raymond Company?

Transcribed Image Text:

Units Purchased at Cost Units Sold at Retail Date Description Beginning inventory 20 units @ $5 30 units @ $8 Sept. 1 10 Purchase 40 units @ $15 20 25 Sales 25 units at $10 Purchase