Question: Anyone please help me MGT131a accounting class question. 1) SMITH HAS THE FOLLOWING INFORMATION. BEGINNING INVENTORY OF 260 UNITS AT $7.00/UNIT PURCHASED 500 UNITS OF

Anyone please help me MGT131a accounting class question.

1) SMITH HAS THE FOLLOWING INFORMATION.

  • BEGINNING INVENTORY OF 260 UNITS AT $7.00/UNIT
  • PURCHASED 500 UNITS OF INVENTORY AT $8.00/UNIT
  • SOLD 586 UNITS OF INVENTORY FOR $15/UNIT

ASSUME UNITS PURCHASED ON CREDIT

ASSUME UNITS SOLD ON CREDIT

ASSUME FIFO METHOD

REQUIRED: PREPARE ALL CORRESPONDING CURRENT YEAR JOURNAL ENTRIES UNDER THE PERPETUAL METHOD.

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